Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 250.220

Object of section

  (1)   The object of this section is to stop you obtaining an inappropriate tax benefit from not working out your gains and losses in a consistent manner.

Consistent treatment for particular financial arrangement

  (2)   If:

  (a)   this Subdivision provides that a particular method applies to gains or losses you make from the * financial arrangement; and

  (b)   that method allows you to choose the particular manner in which you apply that method;

you must use that manner consistently for the arrangement for all income years.

Consistent treatment for financial arrangements of essentially the same nature

  (3)   If:

  (a)   this Subdivision provides that a particular method applies to gains or losses you make from 2 or more * financial arrangements; and

  (b)   that method allows you to choose the particular manner in which you apply that method;

you must use that same manner consistently for all of those financial arrangements that are essentially of the same nature.