Document ID: chunk:federal_register_of_legislation:C2013C00453:clause:1_12:p11
Version: federal_register_of_legislation:C2013C00453
Segment Type: clause
Provision Reference: sch 1 cl 12 (pt 11/39)
Character Range: 165785–168795

applies:
 (i) you fail to determine a matter in relation to the arrangement under section 230‑360;
 (ii) you determine a matter in relation to the arrangement under section 230‑360 but the determination does not satisfy the requirements of subsection 230‑360(2);
the Commissioner may determine that matter and the Commissioner's determination has effect as if you had made the determination and recorded it under that section.

230‑385  You may be excluded from this Subdivision for deliberate failures to comply with requirements

When section applies
 (1) This section applies if:
 (a) you start to have a *hedging financial arrangement to which your *hedging financial arrangement election applies; and
 (b) you do not meet a requirement of section 230‑355 or 230‑360 in relation to the arrangement; and
 (c) you deliberately fail to meet that requirement in order to have this Subdivision not apply to the arrangement.

Hedging financial arrangement election ceases to apply
 (2) The *hedging financial arrangement election does not apply to a *hedging financial arrangement you start to have after you fail to meet the requirement referred to in paragraph (1)(b).

Commissioner may determine that hedging financial arrangement is to reapply
 (3) Subsection (2) ceases to apply to you if the Commissioner determines that that subsection ceases to apply to you. The determination takes effect from the date specified in the determination.
 (4) The Commissioner may make the determination under subsection (3) only if satisfied that you are unlikely to deliberately fail again to meet a requirement of section 230‑355 or 230‑360 in order to have this Subdivision not apply to a *hedging financial arrangement.
 (5) In deciding whether to make the determination under subsection (3), the Commissioner must have regard to:
 (a) your record keeping practices; and
 (b) your compliance history; and
 (c) any changes that have been made to:
 (i) your accounting systems and controls; and
 (ii) your internal governance processes;
  to ensure that failures of the kind referred to in paragraph (1)(c) do not happen again; and
 (d) any other relevant matter.
 (6) If the Commissioner makes a determination under subsection (3), the *hedging financial arrangement election applies to a *hedging financial arrangement only if you start to have the arrangement after the determination takes effect.

Commissioner may still exercise powers under section 230‑380
 (7) This section does not prevent the Commissioner from exercising the Commissioner's powers under section 230‑380 in relation to the *hedging financial arrangement referred to in paragraph (1)(a).

Subdivision 230‑F—Reliance on financial reports

Table of sections
230‑390 Objects of this Subdivision
230‑395 Election to rely on financial reports
230‑400 Financial reports election where differing income and accounting years
230‑405 Commissioner discretion to waive requirements in paragraphs 230‑395(2)(c) and (e)
230‑410 Financial arrangements to which