Document ID: chunk:federal_register_of_legislation:C2013C00453:clause:1_12:p14
Version: federal_register_of_legislation:C2013C00453
Segment Type: clause
Provision Reference: sch 1 cl 12 (pt 14/39)
Character Range: 173556–176231

for the income year; or
 (ii) if the amounts worked out under paragraphs (b) and (d) are both losses—add them together to work out the loss from the arrangement for the income year; or
 (iii) if one of the amounts worked out under paragraphs (b) and (d) is a loss and the other is a gain—subtract the loss from the gain. If the result is positive, this is the gain from the arrangement for the income year. If the result is negative, this is the loss from the arrangement for the income year.
  (4) For the purposes of paragraphs (3)(b) and (d), work out how much of the gain or loss is attributable to the income year by:
 (a) using a methodology that is reasonable; and
 (b) using the same methodology for the first and second years.
 (5) For the purposes of paragraph (4)(a), treat a methodology that attributes the gain or loss on a pro‑rata basis as not being reasonable.

230‑405  Commissioner discretion to waive requirements in paragraphs 230‑395(2)(c) and (e)
 (1) Paragraph 230‑395(2)(c) or (e) does not apply in relation to your *election to rely on financial reports for a particular income year or income years if the Commissioner determines that the paragraph does not apply to the election for that income year or those income years.
 (2) In deciding whether to make the determination under subsection (1), the Commissioner must have regard to:
 (a) the reasons for the non‑compliance with the standards concerned; and
 (b) the remedial action (if any) that you have undertaken to ensure that non‑compliance with those standards does not occur in future (such as changes to your accounting systems and controls or to your internal governance structures); and
 (c) if you, or your activities, are subject to regulatory oversight or review—any opinions expressed by the regulator about the adequacy of remedial action of the kind referred to in paragraph (b); and
 (d) any other relevant matter.

230‑410  Financial arrangements to which the election applies
 (1) An *election to rely on financial reports applies in relation to a *financial arrangement that you have if:
 (a) the arrangement is a *Division 230 financial arrangement; and
 (b) you start to have the arrangement in the income year in which you make the election or in a later income year; and
 (c) the arrangement is recognised in financial reports of the kind referred to in paragraph 230‑395(2)(a) that are audited as referred to in paragraph 230‑395(2)(b); and
 (d) if the arrangement is a financial arrangement under section 230‑50—the arrangement is an asset or liability that you are required (whether or not as a result of a choice you make) by:
 (i) the *accounting standards; or
 (ii) if