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

130   Subsection 995-1(1) (paragraph (aa) of the definition of special accrual amount )

Repeal the paragraph, substitute:

(aa) Subdivision 250-E of this Act if all the *financial benefits provided and received under the *financial arrangement concerned are denominated in a particular *foreign currency;

(ab) Subdivision 230-A of this Act (which deals with gains and losses from financial arrangements) if:

(i) the accruals method provided for in Subdivision 230-B of this Act is applied to take account of the gain or loss concerned; and

(ii) all the *financial benefits provided and received under the financial arrangement concerned are denominated in a particular foreign currency;