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

129   Subsection 995-1(1)

Insert:

auditing principles : a matter is in accordance with auditing principles if it is in accordance with:

(a) *auditing standards; or

(b) if there are no auditing standards applicable to the matter - authoritative pronouncements of the Auditing and Assurance Standards Board that apply to the preparation of financial statements.