Commonwealth Consolidated Acts

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

INCOME TAX ASSESSMENT ACT 1997 - SECT 230.30

Treatment of gains and losses related to exempt income and non - assessable non - exempt income

  (1)   Despite section   230 - 15, a gain that you make from a * financial arrangement:

  (a)   to the extent that it reflects an amount that would be treated, or would reasonably expected to be treated, as * exempt income under a provision of this Act if this Division were disregarded--is exempt income; and

  (b)   to the extent that it reflects an amount that would be treated or would reasonably expected to be treated, as * non - assessable non - exempt income under a provision of this Act if this Division were disregarded--is not assessable income and is not exempt income.

  (2)   Despite section   230 - 15, a gain that you make from a * financial arrangement:

  (a)   to the extent that, if it had been a loss, you would have made it in gaining or producing * exempt income--is exempt income; and

  (b)   to the extent to which, if it had been a loss, you would have made it in gaining or producing * non - assessable non - exempt income--is not assessable income and is not exempt income.

  (3)   A loss you make from a * financial arrangement is not allowable as a deduction to you under any provision of this Act (other than subsection   230 - 15(3)) to the extent that you make it in gaining or producing your:

  (a)   * exempt income; or

  (b)   * non - assessable non - exempt income.


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback