Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 230.450

    This Division does not apply in relation to your gains and losses from a * financial arrangement if:

  (a)   the arrangement is a financial arrangement under section   230 - 45; and

  (b)   either:

  (i)   you acquired goods or other property (other than goods that are, or property that is, money or a * money equivalent) or services (other than services that are a money equivalent) from another entity and the * financial benefits you are to provide under the arrangement are consideration for those goods, that property or those services; or

  (ii)   you provided goods or other property (other than goods that are, or other property that is, money or a money equivalent) or services (other than services that are a money equivalent) to another entity and the financial benefits you are to receive under the arrangement are consideration for those goods, that property or those services; and

  (c)   the period between the following is not more than 12 months:

  (i)   the time when you are to provide or receive the consideration (or a substantial proportion of it);

  (ii)   the time when you acquired or provided the property, goods or services (or a substantial proportion of them); and

  (d)   the arrangement is not a * derivative financial arrangement for any income year; and

  (e)   a * fair value election does not apply to the arrangement.