Document ID: chunk:federal_register_of_legislation:C2013C00453:clause:1_12:p2
Version: federal_register_of_legislation:C2013C00453
Segment Type: clause
Provision Reference: sch 1 cl 12 (pt 2/39)
Character Range: 143091–145956

Australian accounting and auditing standards for the purposes of this Division.

Election irrevocable
 (3) The *hedging financial arrangement election is irrevocable.
Note: The election may cease to apply under section 230‑385.

230‑320  Hedging financial arrangement election where differing income and accounting years
 (1) This section applies if:
 (a) you prepare a financial report for a year (the first year); and
 (b) you prepare a financial report for the subsequent year (the second year); and
 (c) your income year starts in the first year and ends in the second year; and
 (d) both the financial report for the first year and the financial report for the second year are:
 (i) prepared in accordance with paragraph 230‑315(2)(a); and
 (ii) audited in accordance with paragraph 230‑315(2)(b); and
 (e) the auditor's reports are unqualified for both the financial report for the first year and the financial report for the second year.
 (2) Treat yourself as eligible to make an election for the income year under subsection 230‑315(2).

230‑325  Hedging financial arrangements to which election applies
 (1) A *hedging financial arrangement election applies to a *hedging financial arrangement if:
 (a) you start to have the arrangement in the income year in which you make the election or in a later income year; and
 (b) the requirements in sections 230‑355 to 230‑365 are met in relation to the arrangement.
Note: Paragraph (b)—see section 230‑380 for the Commissioner's discretion in relation to failures to meet the requirements of sections 230‑355 to 230‑365.
 (2) For the purposes of paragraph (1)(b), treat the requirement in paragraph 230‑365(c) as being met even if you do not assess the hedging of the risk mentioned in that paragraph, but you can demonstrate that you intend to do so.
 (3) This section has effect subject to section 230‑330.

230‑330  Hedging financial arrangements to which election does not apply
 (1) A *hedging financial arrangement election does not apply to a *financial arrangement if the arrangement is a financial arrangement under section 230‑50 (equity interests etc.).
 (2) Subsection (1) does not apply to a *hedging financial arrangement if:
 (a) the hedging financial arrangement is a *foreign currency hedge; and
 (b) you issue the hedging financial arrangement.
 (3) A *hedging financial arrangement election does not apply to a *financial arrangement if:
 (a) you are:
 (i) an individual; or
 (ii) an entity (other than an individual) that satisfies subsection 230‑455(2), (3) or (4) for the income year in which you start to have the arrangement; and
 (b) the arrangement is a *qualifying security; and
 (c) you have not made an election under subsection 230‑455(7).
 (4) A *hedging financial arrangement election does not apply to a *financial arrangement if:
 (a) the election is made by the *head company