Tax and Superannuation Laws Amendment (2013 Measures No. 2) Act 2013 (85 of 2013)

Schedule 8   Taxation of financial arrangements

Part 2   Accruals/realisation methods

Division 3   Spreading prepayments

Income Tax Assessment Act 1997

21   After subsection 230-170(2)

Insert:

(2A) Subsections (1) and (2) do not apply to a part of a gain or loss if:

(a) subsection 230-100(3A) or 230-130(4A) applies to the gain or loss; and

(b) that part of the gain or loss is allocated to an interval under section 230-135; and

(c) that interval ends before or during the income year during which the gain or loss becomes sufficiently certain (as mentioned in paragraph 230-100(3A)(b) or 230-130(4A)(f), whichever is applicable).

Instead, you are taken, for the purposes of section 230-15, to make, for that income year, a gain or loss equal to that part of that gain or loss.