Document ID: chunk:federal_register_of_legislation:C2013C00453:clause:1_12:p27
Version: federal_register_of_legislation:C2013C00453
Segment Type: clause
Provision Reference: sch 1 cl 12 (pt 27/39)
Character Range: 206576–209184

are not an individual and you failed to satisfy subsection (2), (3) or (4) (as the case may be) for an income year ending before that time.

230‑460  Various rights and/or obligations

Rights and/or obligations subject to an exception
 (1) This Division does not apply to your gains and losses from a *financial arrangement for any income year to the extent that your rights and/or obligations under the arrangement are the subject of an exception under any of the following subsections.
Note: Further exceptions are also provided for in section 230‑475.

Leasing or property arrangement
 (2) A right or obligation arising under:
 (a) an *arrangement to which Division 42A (about leases of luxury cars) of Schedule 2E to the Income Tax Assessment Act 1936 applies; or
 (b) an arrangement to which Division 240 of this Act (about arrangements treated as a sale and loan) applies; or
 (c) an arrangement that relates to an asset to which Division 250 of this Act (about assets put to tax preferred use) applies; or
 (d) an arrangement that, in substance or effect, depends on the use of a specific asset that is:
 (i) real property; or
 (ii) goods or a personal chattel (other than money or a *money equivalent); or
 (iii) intellectual property;
  and gives a right to control the use of the asset; or
 (e) an arrangement that is a licence to use:
 (i) real property; or
 (ii) goods or a personal chattel (other than money or a money equivalent); or
 (iii) intellectual property;
is the subject of an exception.

Interest in partnership or trust
 (3) A right carried by an interest in a partnership or a trust, or an obligation that corresponds to such a right, is the subject of an exception if:
 (a) there is only one class of interest in the partnership or trust; or
 (b) the interest is an *equity interest in the partnership or trust; or
 (c) for a right or obligation relating to a trust—the trust is managed by a funds manager or custodian, or a responsible entity (as defined in the Corporations Act 2001) of a registered scheme (as so defined).
 (4) Subsection (3) does not apply if a *fair value election, or an *election to rely on financial reports, applies to the *financial arrangement.

Certain insurance policies
 (5) A right or obligation under a *life insurance policy is the subject of an exception unless:
 (a) you are not a *life insurance company that is the insurer under the policy; and
 (b) the policy is an annuity that is a *qualifying security.
 (6) A right or obligation under a *general insurance policy is the subject of an exception unless:
 (a) you are not a *general insurance