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INCOME TAX ASSESSMENT ACT 1997 - SECT 230.520 Disregard gains or losses covered by value shifting regime

INCOME TAX ASSESSMENT ACT 1997 - SECT 230.520

Disregard gains or losses covered by value shifting regime

  (1)   Disregard a gain or loss under this Division from a * financial arrangement to the extent that it is attributable to:

  (a)   a shifting of value that has consequences under Division   723; or

  (b)   a * direct value shift that has consequences under Division   725; or

  (c)   an * indirect value shift that has consequences under Division   727; or

  (d)   a shifting of value that has consequences analogous to those under Division   725 or 727 under a repealed provision of this Act or of the Income Tax Assessment Act 1936 .

  (2)   Determine whether a shifting of value has the consequences mentioned in paragraph   (1)(a) on the assumption that a * realisation event in respect of all or part of the * financial arrangement happens in the income year for the gain or loss.

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