Tax and Superannuation Laws Amendment (2013 Measures No. 2) Act 2013 (85 of 2013)

Schedule 8   Taxation of financial arrangements

Part 2   Accruals/realisation methods

Division 3   Spreading prepayments

Income Tax Assessment Act 1997

15   After subsection 230-100(3)

Insert:

Accruals method - particular gain or loss becomes sufficiently certain

(3A) The accruals method provided for in this Subdivision also applies to a gain or loss you have from a *financial arrangement if:

(a) the gain or loss arises from a *financial benefit that you are to receive or are to provide under the arrangement; and

(b) the gain or loss becomes sufficiently certain at the time you receive or provide the benefit; and

(c) at least part of the period over which the gain or loss would be spread under that method (assuming that method applied) occurs after the time you receive or provide the benefit.

This subsection has effect subject to subsection (4).

Note 1: Subsection 230-110(1) tells you when you have a sufficiently certain gain or loss at a particular time.

Note 2: For the period over which the gain or loss would be spread, see subsections 230-130(3) to (5).

Accruals method - particular gain or loss from qualifying security