Document ID: chunk:federal_register_of_legislation:C2013C00453:clause:1_104:p2
Version: federal_register_of_legislation:C2013C00453
Segment Type: clause
Provision Reference: sch 1 cl 104 (pt 2/5)
Character Range: 277440–280163

and 230‑165(1)(b), applies to a financial arrangement that:
 (a) you started to have before the start of the first applicable income year; and
 (b) you have at the start of that income year.
(7A) An election that you make under section 230‑150 of the Income Tax Assessment Act 1997 extends to a financial arrangement referred to in subitem (2) only if:
 (a) that election is made on or before the first lodgment date that occurs after the start of the first applicable income year; and
 (b) for financial arrangements to which section 230‑160 of that Act applies:
 (i) at the time you make the election, you made determinations that satisfy the requirements of subsections 230‑160(3) and (4) (other than paragraphs 230‑160(3)(b) and (4)(b)); and
 (ii) at, or soon after, the time you make the election, you have in place records in relation to the arrangement that satisfy the requirements of paragraphs 230‑160(3)(b) and (4)(b); and
 (c) for financial arrangements to which section 230‑165 of that Act applies:
 (i) at the time you make the election, you made determinations that satisfy the requirements of subsections 230‑165(3) and (4) (other than paragraphs 230‑165(3)(b) and (4)(b)); and
 (ii) at, or soon after, the time you make the election, you have in place records in relation to the arrangement that satisfy the requirements of paragraphs 230‑165(3)(b) and (4)(b).
(8) An election that you make under Subdivision 230‑C, 230‑D or 230‑F of the Income Tax Assessment Act 1997 extends to financial arrangements referred to in subitem (2) only if that election is made on or before the first lodgment date that occurs after the start of the first applicable income year.
(9) An election that you make under Subdivision 230‑E of the Income Tax Assessment Act 1997 extends to a financial arrangement referred to in subitem (2) only if:
 (a) that election is made on or before the first lodgment date that occurs after the start of the first applicable income year; and
 (b) the requirements of section 230‑335 were satisfied in relation to the arrangement at the time the arrangement was created, acquired or applied; and
 (c) at, or soon after, the time you make the election, you have in place records in relation to the arrangement that satisfy the requirements of section 230‑355 and section 230‑360 (other than subparagraph 230‑360(2)(c)(ii)); and
 (d) the requirements of section 230‑365 have been satisfied at all times since the arrangement was created, acquired or applied for the purpose of hedging a risk in relation to a hedged item.
(10) To avoid doubt, subsection 230‑310(4) does not apply to a financial arrangement that you started to have before the start of the first applicable income year and that