Document ID: chunk:federal_register_of_legislation:C2010A00136:clause:3_134
Version: federal_register_of_legislation:C2010A00136
Segment Type: clause
Provision Reference: sch 3 cl 134
Character Range: 45872–47208

134  After subitem 104(7) of Schedule 1
Insert:
(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).

Part 2—Extension of debt and equity transitional arrangements for Upper Tier 2 capital instruments