Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 832.785

  (1)   This section applies if a provision of this Division (a disallowing provision ) would, apart from this section, apply to make not allowable all or a part of a deduction for:

  (a)   a loss from a * Division   230 financial arrangement; or

  (b)   an amount treated under section   832 - 790 as a separate loss from a Division   230 financial arrangement.

  (2)   The disallowing provision does not apply.

Note:   See instead section   230 - 522.

  (3)   However, the following provisions (about adjustments) apply as if the disallowing provision had applied to make the deduction, or the part of the deduction, not allowable:

  (a)   832 - 240(1)(a);

  (b)   832 - 335(1)(a);

  (c)   832 - 565(1)(a).