Document ID: chunk:federal_register_of_legislation:C2015C00309:clause:8_28
Version: federal_register_of_legislation:C2015C00309
Segment Type: clause
Provision Reference: sch 8 cl 28
Character Range: 48838–49732

28  After section 230‑170
Insert:

230‑172  Applying accruals method to loss resulting from impairment
 (1) This section applies if:
 (a) there is an impairment (within the meaning of the *accounting principles) of:
 (i) a *financial arrangement; or
 (ii) a financial asset or financial liability that forms part of a financial arrangement; and
 (b) you make a loss from the financial arrangement as a result of the impairment; and
 (c) the accruals method applies to the loss.
 (2) You cannot deduct a loss you make for an income year under section 230‑15, to the extent that the loss results from the impairment (including as affected by any later reversal of the impairment loss (within the meaning of the *accounting principles) that resulted from the impairment).
 (3) Disregard subsection (2) for the purposes of paragraph (c) of step 1 of the method statement in subsection 230‑445(1).