Document ID: chunk:federal_register_of_legislation:C2025C00029:section:12:p27
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 12 (pt 27/43)
Character Range: 4013628–4016314

is less than $300 million if the income year is the one in which the entity comes into existence; or
 (ii) the value of the entity's assets for the immediately preceding income year (worked out at the end of that immediately preceding income year) is less than $300 million if the income year is an income year after the one in which the entity comes into existence.
 (5) For the purposes of subsections (2) and (4), the value of the entity's assets or financial assets is to be determined in accordance with:
 (a) if the entity applies *accounting standard AAS 25 in preparation of its financial reports—that accounting standard or another accounting standard prescribed by the regulations for the purposes of this paragraph; or
 (b) if paragraph (a) does not apply and the entity prepares its financial reports in accordance with the *accounting principles—the entity's financial reports; or
 (c) if paragraphs (a) and (b) do not apply and the entity prepares its financial reports in accordance with an accounting standard comparable to accounting standard AAS 25 under a *foreign law—that comparable standard; or
 (d) if paragraphs (a), (b) and (c) do not apply—commercially accepted valuation principles.
 (6) Subsection (1) does not apply to your gains or losses from a *financial arrangement for an income year if:
 (a) you have made an election under subsection (7) in that income year or an earlier income year; and
 (b) you start to have the arrangement after the beginning of the income year in which you make the election.
 (7) An election under this subsection is an election to have this Division apply to all of the *financial arrangements that you start to have in the income year in which the election is made or a later income year.
 (8) An election under subsection (7) is irrevocable.
 (9) This section does not apply in relation to your gains or losses from a *financial arrangement that you start to have after a time if you are not an individual and you failed to satisfy subsection (2), (3) or (4) (as the case may be) for an income year ending before that time.

230‑460  Various rights and/or obligations

Rights and/or obligations subject to an exception
 (1) This Division does not apply to your gains and losses from a *financial arrangement for any income year to the extent that your rights and/or obligations under the arrangement are the subject of an exception under any of the following subsections.
Note: Further exceptions are also provided for in section 230‑475.

Leasing or property arrangement
 (2) A right or obligation arising under:
 (a) an *arrangement to which Division 242 (about luxury car leases) applies; or
 (b) an arrangement to which