Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 (15 of 2009)

Schedule 1   Amendments

Part 2   Consequential amendments

Taxation Administration Act 1953

101   Subsection 45-120(2B) in Schedule 1

Repeal the subsection (including the heading), substitute:

Net gains under Division 230 included in instalment income

(2B) Your instalment income for a period also includes the difference between:

(a) a gain (or gains) you make from a *financial arrangement to the extent to which it is (or they are):

(i) assessable under Division 230 of the Income Tax Assessment Act 1997; and

(ii) reasonably attributable to that period; and

(b) a loss (or losses) you make from a financial arrangement to the extent to which it is (or they are):

(i) allowable to you as a deduction under Division 230 of the Income Tax Assessment Act 1997; and

(ii) reasonably attributable to that period.

This is so only if the gain (or gains) referred to in paragraph (a) exceeds the loss (or losses) referred to in paragraph (b).