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

Schedule 8   Taxation of financial arrangements

Part 1   Core rules

Division 3   Consistency in working out gains or losses

Income Tax Assessment Act 1997

8   At the end of section 230-80

Add:

(4) Subsection (3) does not require you to use that same manner consistently for:

(a) a *financial arrangement that you start to have on or after the time a *Commonwealth law that amends the method is made; and

(b) a financial arrangement that you start to have before that time;

if:

(c) the Commonwealth law allows you to choose to apply the method in a particular manner (being a manner in which you are not, apart from the Commonwealth law, allowed to apply the method); and

(d) the inconsistency is entirely due to you choosing to apply the method in that manner to the financial arrangement mentioned in paragraph (a).