Document ID: chunk:federal_register_of_legislation:C2025C00180:schedule:1:p13
Version: federal_register_of_legislation:C2025C00180
Segment Type: schedule
Provision Reference: sch 1 (pt 13/27)
Character Range: 736624–739295

they are):
 (i) allowable to you as a deduction under Division 230 of the Income Tax Assessment Act 1997; and
 (ii) reasonably attributable to that period.
This is so only if the gain (or gains) referred to in paragraph (a) equals or exceeds the loss (or losses) referred to in paragraph (b).
 (2D) However, your instalment income for a period is worked out disregarding subsection (2C) if any of the following apply:
 (a) you are an individual;
 (b) the only gains and losses that would be taken into account under subsection (2C) for the period are from *financial arrangements that are *qualifying securities.
 (2E) A gain or loss that is taken into account under subsection (2C) in working out an amount (including a nil amount) to be included in your instalment income for a period is not to be, to any extent, taken into account again under another provision of this section in calculating your instalment income for the same or any other period.

Exclusion: amounts in respect of withholding payments
 (3) Your instalment income for a period does not include amounts in respect of:
 (a) *withholding payments (except *non‑quotation withholding payments) made to you during that period; and
 (b) amounts included in your assessable income under section 86‑15 of the Income Tax Assessment Act 1997 for which there are amounts required to be paid under Division 13; and
 (c) which a penalty is applicable under section 12‑415.

Farm management deposits: effect of making and repayment
 (4) Your instalment income for a period is reduced (but not below nil) by a *farm management deposit made during that period, but only to the extent that, at the end of that period, you can reasonably expect to be able to deduct the deposit under section 393‑5 of the Income Tax Assessment Act 1997 for the income year that is or includes that period.
 (5) Your instalment income for a period also includes an amount that section 393‑10 of the Income Tax Assessment Act 1997 includes in your assessable income, for the income year that is or includes that period, because of a repayment during that period of all or some of a *farm management deposit.

Gross proceeds on disposal of registered emissions units included in instalment income
 (5A) Your instalment income for a period also includes an amount that section 420‑25 of the Income Tax Assessment Act 1997 includes in your assessable income, for the income year that is or includes that period, because you cease to *hold a *registered emissions unit during that period.

Instalment income of entity that is not liable for instalments
 (6) An entity can have *instalment income for a period even if the entity is not liable