Document ID: chunk:federal_register_of_legislation:C2025C00029:section:12:p11
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 12 (pt 11/43)
Character Range: 3972652–3975569

extent to which it does not meet those requirements; and
 (c) the reasons why it does not meet those requirements; and
 (d) if the Commissioner is considering whether to impose conditions under subsection (2)—the likelihood that you will comply with those conditions; and
 (e) the objects of this Subdivision.

Commissioner may impose additional record keeping requirements
 (2) The Commissioner may make a determination under subsection (1A) conditional on your keeping records in addition to those required by section 230‑355.
 (3) A determination under subsection (1A) ceases to have effect if you breach a condition imposed under subsection (2).
 (4) Subsection (3) ceases to apply to you if the Commissioner determines that that subsection ceases to apply to you. The determination takes effect from the date specified in the determination.
 (5) In deciding whether to make the determination under subsection (4), the Commissioner must have regard to:
 (a) your record keeping practices; and
 (b) your compliance history; and
 (c) any changes that have been made to:
 (i) your accounting systems and controls; and
 (ii) your internal governance processes;
  to ensure that breaches of the kind referred to in subsection (3) do not happen again; and
 (d) any other relevant matter.

Commissioner may determine matter under section 230‑360
 (6) If:
 (a) the Commissioner makes a determination under subsection (1A) in relation to a *hedging financial arrangement; and
 (b) either or both of the following applies:
 (i) you fail to determine a matter in relation to the arrangement under section 230‑360;
 (ii) you determine a matter in relation to the arrangement under section 230‑360 but the determination does not satisfy the requirements of subsection 230‑360(2);
the Commissioner may determine that matter, in a way that satisfies the requirements of section 230‑360. The Commissioner's determination has effect as if you had made the determination and recorded it under that section.

230‑385  Consequences of failure to meet requirements

When this section applies
 (1) This section applies if:
 (a) your *hedging financial arrangement election applies to a *hedging financial arrangement; and
 (b) you do not meet a requirement of section 230‑355 or 230‑360 or paragraph 230‑365(c) in relation to the arrangement.
 (2) For the purposes of paragraph (1)(b), treat the requirement in paragraph 230‑365(c) as being met even if you do not assess the hedging of the risk mentioned in that paragraph, but you can demonstrate that you intend to do so.

Commissioner may determine matter under section 230‑360
 (3) If:
 (a) you fail to determine a matter in relation to the *hedging financial arrangement under section 230‑360; or
 (b) you determine a matter in relation to the arrangement under section 230‑360 but the determination does not satisfy the requirements of subsection 230‑360(2);
the Commissioner may