Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 230.515

  (1)   This section applies if:

  (a)   disregarding this Division, a provision mentioned in subsection   (2) makes an adjustment to an amount (including a nil amount) (the relevant amount ); and

  (b)   the relevant amount is relevant in determining the amount of a gain or loss you make from a * Division   230 financial arrangement.

  (2)   The provisions are as follows:

  (a)   section   52A of the Income Tax Assessment Act 1936 ;

  (c)   Division   16J of Part   III of the Income Tax Assessment Act 1936 ;

  (d)   Division   16K of Part   III of the Income Tax Assessment Act 1936 ;

  (e)   item   3 of the table in subsection   245 - 65(1) of this Act;

  (f)   section   775 - 40 of this Act.

  (3)   In determining the amount of the gain or loss, treat the relevant amount as having been adjusted by the provision mentioned in subsection   (2).

  (4)   However, if the circumstances that give rise to the adjustment result in section   230 - 510 having the effect of altering the amount of the gain or loss, do not treat the relevant amount as having been adjusted under subsection   (3) to the extent of that alteration.