Income Tax Assessment Act 1936

SCHEDULE 2D - TAX EXEMPT ENTITIES THAT BECOME TAXABLE  

Division 57 - Tax exempt entities that become taxable  

Subdivision 57-E - Assets and liabilities  

SECTION 57-33   DIVISION 230 FINANCIAL ARRANGEMENTS - TRANSITION TAXPAYER ' S RIGHT TO RECEIVE OR OBLIGATION TO PROVIDE PAYMENT  

57-33(1)    
This section applies in relation to the following:

(a) an asset covered by subsection 57-25(1) to which section 57-32 applies;

(b) the corresponding liability for a right, or other asset, covered by subsection 57-30(1) to which section 57-32 applies.

Note:

Section 57-32 applies if the asset or liability is or is part of a Division 230 financial arrangement.

57-33(2)    
For the purposes of section 230-60 of the Income Tax Assessment Act 1997 , assume the following:

(a) in the case of an asset - that the transition taxpayer acquired the asset at the transition time in return for the transition taxpayer starting to have an obligation to provide one or more financial benefits in relation to the Division 230 financial arrangement;

(b) in the case of a liability - that the transition taxpayer started to have the liability at the transition time in return for the transition taxpayer starting to have a right to receive one or more financial benefits under the Division 230 financial arrangement.