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INCOME TAX ASSESSMENT ACT 1997 - SECT 230.315

Hedging financial arrangement election

Election

             (1)  You can make a hedging financial arrangement election if you are eligible under subsection (2) to make the election for the income year in which you make the election.

Eligibility to make hedging financial arrangement election for an income year

             (2)  You are eligible to make a hedging financial arrangement election for an income year if:

                     (a)  you prepare a financial report for that income year in accordance with:

                              (i)  the * accounting principles; or

                             (ii)  if the accounting principles do not apply to the preparation of the financial report--comparable standards for accounting made under a * foreign law that apply to the preparation of the financial report under a foreign law; and

                     (b)  the financial report is audited in accordance with:

                              (i)  the * auditing principles; or

                             (ii)  if the auditing principles do not apply to the auditing of the financial report--comparable standards for auditing made under a foreign law.

Note:          Section 230-500 allows regulations to be made specifying particular foreign accounting and auditing standards as ones that are to be treated as comparable with Australian accounting and auditing principles for the purposes of this Division.

Election irrevocable

             (3)  The * hedging financial arrangement election is irrevocable.

Note:          The election may cease to apply under section 230-385.



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