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

Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009

134   After subitem 104(7) of Schedule 1

Insert:

(7A) An election that you make under section 230-150 of the Income Tax Assessment Act 1997 extends to a financial arrangement referred to in subitem (2) only if:

(a) that election is made on or before the first lodgment date that occurs after the start of the first applicable income year; and

(b) for financial arrangements to which section 230-160 of that Act applies:

(i) at the time you make the election, you made determinations that satisfy the requirements of subsections 230-160(3) and (4) (other than paragraphs 230-160(3)(b) and (4)(b)); and

(ii) at, or soon after, the time you make the election, you have in place records in relation to the arrangement that satisfy the requirements of paragraphs 230-160(3)(b) and (4)(b); and

(c) for financial arrangements to which section 230-165 of that Act applies:

(i) at the time you make the election, you made determinations that satisfy the requirements of subsections 230-165(3) and (4) (other than paragraphs 230-165(3)(b) and (4)(b)); and

(ii) at, or soon after, the time you make the election, you have in place records in relation to the arrangement that satisfy the requirements of paragraphs 230-165(3)(b) and (4)(b).