Document ID: chunk:federal_register_of_legislation:C2013C00453:clause:1_104:p5
Version: federal_register_of_legislation:C2013C00453
Segment Type: clause
Provision Reference: sch 1 cl 104 (pt 5/5)
Character Range: 284859–286521

provided for in Subdivision 230‑F applies to take account of a gain or loss you make from the financial arrangement; and
 (ca) the attributable deductible amount represents the whole of the deferred tax effect of a gain or loss from the financial arrangement that has been recognised in profit or loss in accordance with the accounting principles mentioned in paragraph 230‑395(2)(a) of the Income Tax Assessment Act 1997;
the following provisions have effect:
 (d) the financial arrangement is to be disregarded for the purposes of steps 1 to 4 of the method statement in subitem (13);
 (e) the attributable deductible amount is to be reduced to the extent to which it represents unused tax credits and then grossed up under subitem (16);
 (f) the step 5 amount is to be increased by the amount obtained under paragraph (e).
Note: The deferred tax effect to be taken into account for the purposes of paragraph (ca) might be affected by a later assessment, the amendment of an assessment or a law that applies retrospectively.
(16) An amount is to be grossed up for the purposes of subitems (14) and (15) by multiplying the amount by:

(17) A balancing adjustment under subitem (13) is to be spread evenly over the first applicable income year and the next 3 income years.
(18) In applying steps 1 and 2 in the method statement in subitem (13) to financial arrangements, assume that any election that extends to the arrangements under subitem (6) had applied to those financial arrangements from the time when you started to have them.
(19) In applying section 121EH of the Income Tax Assessment Act 1936, disregard any balancing adjustment under subitem (13).