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INCOME TAX ASSESSMENT ACT 1997 - SECT 230.225 Financial arrangements to which election does not apply

INCOME TAX ASSESSMENT ACT 1997 - SECT 230.225

Financial arrangements to which election does not apply

  (1)   A * fair value election does not apply to a * financial arrangement if:

  (a)   the arrangement is an * equity interest; and

  (b)   you are the issuer of the equity interest.

  (2)   A * fair value election 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 * fair value election 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 * fair value 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.

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