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

82   Subsection 230-380(1)

Repeal the subsection, substitute:

Commissioner may determine that requirement met

(1) If (apart from this section) the requirements of sections 230-355 to 230-365 are not met in relation to a *hedging financial arrangement that you have, treat those requirements as having been so met if the Commissioner makes a determination under subsection (1A) in relation to the arrangement.

(1A) The Commissioner may make the determination if the Commissioner considers that this is appropriate, having regard to:

(a) the respects in which the arrangement does not meet those requirements; and

(b) the extent to which it does not meet those requirements; and

(c) the reasons why it does not meet those requirements; and

(d) if the Commissioner is considering whether to impose conditions under subsection (2) - the likelihood that you will comply with those conditions; and

(e) the objects of this Subdivision.