Document ID: chunk:federal_register_of_legislation:C2013C00453:clause:1_104:p4
Version: federal_register_of_legislation:C2013C00453
Segment Type: clause
Provision Reference: sch 1 cl 104 (pt 4/5)
Character Range: 282354–285091

the step 5 amount and the step 6 amount are equal there is no balancing adjustment.
(14) If:
 (a) an amount is recorded in a deferred tax asset account in accordance with:
 (i) accounting standard AASB 112 (or another accounting standard prescribed by the regulations for the purposes of this paragraph); or
 (ii) if that standard does not apply to the preparation of your financial reports—a comparable accounting standard that applies to the preparation of your financial reports under a foreign law;
  immediately before the start of the first applicable income year; and
 (b) the whole or a part of that amount (the attributable assessable amount) is attributable to a financial arrangement referred to in subitem (2); and
 (c) the method of relying on financial reports 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 assessable 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); and
 (e) the attributable assessable amount is to be reduced to the extent to which it represents unused tax credits and then grossed up under subitem (16); and
 (f) the step 6 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.
(15) If:
 (a) an amount is recorded in a deferred tax liability account in accordance with:
 (i) accounting standard AASB 112 (or another accounting standard prescribed by the regulations for the purposes of this paragraph); or
 (ii) if that standard does not apply to the preparation of your financial reports—a comparable accounting standard that applies to the preparation of your financial reports under a foreign law;
  immediately before the start of the first applicable income year; and
 (b) the whole or a part of that amount (the attributable deductible amount) is attributable to a financial arrangement referred to in subitem (2); and
 (c) the method of relying on financial reports 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