Document ID: chunk:federal_register_of_legislation:C2025C00029:section:12:p2
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 12 (pt 2/43)
Character Range: 3949849–3952758

report under a foreign law; and
 (b) the financial report is audited in accordance with:
 (i) the *auditing principles; or
 (ii) if the auditing principles do not apply to the auditing of the financial report—comparable standards for auditing made under a foreign law.
Note: Section 230‑500 allows regulations to be made specifying particular foreign accounting and auditing standards as ones that are to be treated as comparable with Australian accounting and auditing principles for the purposes of this Division.

Election irrevocable
 (3) The *hedging financial arrangement election is irrevocable.
Note: The election may cease to apply under section 230‑385.

230‑320  Hedging financial arrangement election where differing income and accounting years
 (1) This section applies if:
 (a) you prepare a financial report for a year (the first year); and
 (b) you prepare a financial report for the subsequent year (the second year); and
 (c) your income year starts in the first year and ends in the second year; and
 (d) both the financial report for the first year and the financial report for the second year are:
 (i) prepared in accordance with paragraph 230‑315(2)(a); and
 (ii) audited in accordance with paragraph 230‑315(2)(b); and
 (e) the auditor's reports are unqualified for both the financial report for the first year and the financial report for the second year.
 (2) Treat yourself as eligible to make an election for the income year under subsection 230‑315(2).

230‑325  Hedging financial arrangements to which election applies
  A *hedging financial arrangement election applies to a *hedging financial arrangement:
 (a) that you start to have in the income year in which you make the election or in a later income year; and
 (b) that is not excluded from the application of the election by section 230‑330.
Note: Subject to a determination by the Commissioner, the hedging financial arrangement election does not apply to a financial arrangement you start to have after you fail to comply with the requirements in sections 230‑355 and 230‑360 and paragraph 230‑365(c) in relation to a hedging financial arrangement to which the election does apply: see section 230‑385. See also subsection 230‑305(1).

230‑330  Hedging financial arrangements to which election does not apply
 (1) A *hedging financial arrangement election does not apply to a *financial arrangement if the arrangement is a financial arrangement under section 230‑50 (equity interests etc.).
 (2) Subsection (1) does not apply to a *hedging financial arrangement if:
 (a) the hedging financial arrangement is a *foreign currency hedge; and
 (b) you issue the hedging financial arrangement.
 (3) A *hedging financial arrangement election does not apply to a *financial arrangement if:
 (a) you are:
 (i) an individual; or
 (ii) an entity (other than an individual) that satisfies subsection 230‑455(2), (3) or (4) for the