Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 230.95

                   The objects of this Subdivision are:

                     (a)  to properly recognise gains and losses from * financial arrangements by allocating them to appropriate periods of time; and

                     (b)  to reduce compliance costs by reflecting commercial accounting concepts where appropriate; and

                     (c)  to minimise tax deferral.

When accruals method or realisation method applies