Commonwealth Consolidated Acts

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

INCOME TAX ASSESSMENT ACT 1997 - SECT 230.270

Financial arrangements to which general election does not apply

  (1)   For the purposes of this Division, a * foreign exchange retranslation election under subsection   230 - 255(1) does not apply to a * financial arrangement if the arrangement is a financial arrangement under section   230 - 50 (equity interests etc.).

  (2)   For the purposes of this Division, a * foreign exchange retranslation election under subsection   230 - 255(1) does not apply to a * financial arrangement if:

  (a)   you are:

  (i)   an individual; or

  (ii)   an entity (other than an individual) that satisfies subsection   230 - 455(2), (3) or (4) for the income year in which you start to have the arrangement; and

  (b)   the arrangement is a * qualifying security; and

  (c)   you have not made an election under subsection   230 - 455(7).

  (3)   A * foreign exchange retranslation election under subsection   230 - 255(1) does not apply to a * financial arrangement if:

  (a)   the election is made by the * head company of a * consolidated group or * MEC group; and

  (b)   the election specifies that the election is not to apply to financial arrangements in relation to * life insurance business carried on by a member of the consolidated group or MEC group; and

  (c)   the arrangement is one that relates to the life insurance business carried on by a member of the consolidated group or MEC group.

  (4)   A * foreign exchange retranslation election does not apply to a * financial arrangement if the arrangement is associated with a business of a kind specified in regulations made for the purposes of this subsection.


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback