Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 230.225

Financial arrangements to which election does not apply

             (1)  A * fair value election does not apply to a * financial arrangement if:

                     (a)  the arrangement is an * equity interest; and

                     (b)  you are the issuer of the equity interest.

             (2)  A * fair value election does not apply to a * financial arrangement if:

                     (a)  you are:

                              (i)  an individual; or

                             (ii)  an entity (other than an individual) that satisfies subsection 230-455(2), (3) or (4) for the income year in which you start to have the arrangement; and

                     (b)  the arrangement is a * qualifying security; and

                     (c)  you have not made an election under subsection 230-455(7).

             (3)  A * fair value election does not apply to a * financial arrangement if:

                     (a)  the election is made by the * head company of a * consolidated group or * MEC group; and

                     (b)  the election specifies that the election is not to apply to financial arrangements in relation to * life insurance business carried on by a member of the consolidated group or MEC group; and

                     (c)  the arrangement is one that relates to the life insurance business carried on by a member of the consolidated group or MEC group.

             (4)  A * fair value election does not apply to a * financial arrangement if the arrangement is associated with a business of a kind specified in regulations made for the purposes of this subsection.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback