Tax Laws Amendment (2010 Measures No. 4) Act 2010 (136 of 2010)

Schedule 3   Taxation of financial arrangements

Part 1   Taxation of financial arrangements amendments

Income Tax Assessment Act 1997

11   Subsection 230-115(1)

Repeal the subsection, substitute:

(1) In deciding for the purposes of this Subdivision whether it is sufficiently certain at a particular time that you will make a gain or loss from a *financial arrangement:

(a) have regard only to:

(i) *financial benefits that you are sufficiently certain to receive; and

(ii) financial benefits that you are sufficiently certain to provide; and

(b) have regard to those financial benefits only to the extent that the amount or value of the benefits is, at that time, fixed or determinable with reasonable accuracy.

Note: The particular time may be the time at which you start to have the arrangement.