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

48   Subsections 230-275(1) and (2)

Repeal the subsections, substitute:

(1) If you make a *foreign exchange retranslation election under subsection 230-255(3) in relation to a *financial arrangement after you start to have the arrangement, you must make a balancing adjustment under subsection (2).