Document ID: chunk:federal_register_of_legislation:C2013C00453:clause:1_12:p24
Version: federal_register_of_legislation:C2013C00453
Segment Type: clause
Provision Reference: sch 1 cl 12 (pt 24/39)
Character Range: 199322–202132

obligations
230‑465 Ceasing to have a financial arrangement in certain circumstances
230‑470 Forgiveness of commercial debts
230‑475 Clarifying exceptions
230‑480 Treatment of gains in form of franked distribution etc.

230‑450  Short‑term arrangements where non‑money amount involved
  This Division does not apply in relation to your gains and losses from a *financial arrangement if:
 (a) the arrangement is a financial arrangement under section 230‑45; and
 (b) either:
 (i) you acquired goods or other property (other than goods that are, or property that is, money or a *money equivalent) or services (other than services that are a money equivalent) from another entity and the *financial benefits you are to provide under the arrangement are consideration for those goods, that property or those services; or
 (ii) you provided goods or other property (other than goods that are, or other property that is, money or a money equivalent) or services (other than services that are a money equivalent) to another entity and the financial benefits you are to receive under the arrangement are consideration for those goods, that property or those services; and
 (c) the period between the following is not more than 12 months:
 (i) the time when you are to provide or receive the consideration (or a substantial proportion of it);
 (ii) the time when you acquired or provided the property, goods or services (or a substantial proportion of them); and
 (d) the arrangement is not a *derivative financial arrangement for any income year; and
 (e) a *fair value election does not apply to the arrangement.

230‑455  Certain taxpayers where no significant deferral
 (1) This Division does not apply in relation to your gains or losses from a *financial arrangement for any income year if:
 (a) you are:
 (i) an individual; or
 (ii) a superannuation entity (within the meaning of section 10 of the Superannuation Industry (Supervision) Act 1993), a managed investment scheme (within the meaning of the Corporations Act 2001) or an entity with a similar status to such a scheme under a *foreign law relating to corporate regulation; or
 (iii) an *ADI, a *securitisation vehicle, an entity that is required to register under the Financial Sector (Collection of Data) Act 2001 or an entity that would be required to register under that Act if it were a corporation; or
 (iv) an entity other than an entity of a kind mentioned in subparagraph (i), (ii) or (iii); and
 (b) where subparagraph (a)(ii) applies—you satisfy subsection (2) for the income year in which you start to have the arrangement; and
 (c) where subparagraph (a)(iii) applies—you satisfy subsection (3) for the income year in which you start to have the arrangement; and
 (d) where subparagraph (iv) applies—you satisfy subsection (4) for the income