Document ID: chunk:federal_register_of_legislation:C2015C00309:clause:8_33
Version: federal_register_of_legislation:C2015C00309
Segment Type: clause
Provision Reference: sch 8 cl 33
Character Range: 52984–54085

33  Subsection 230‑180(2)
Repeal the subsection, substitute:
 (2) For the purposes of subsection (1), a gain or loss from a *financial arrangement is taken to occur at:
 (a) if the last of the *financial benefits, rights and obligations taken into account in determining the amount of the gain or loss is a financial benefit—the time the financial benefit:
 (i) is provided; or
 (ii) if the financial benefit is not provided at the time when it is due to be provided under the arrangement and it is reasonable to expect that the financial benefit will be provided—is due to be provided; or
 (b) if the last of the financial benefits, rights and obligations taken into account in determining the amount of the gain or loss is a right to receive a financial benefit or an obligation to provide a financial benefit—the time:
 (i) if the right or obligation ceases before the financial benefit is provided—the right or obligation ceases; or
 (ii) otherwise—the financial benefit is provided.
This subsection has effect subject to subsection (3).

Part 3—Fair value method

Income Tax Assessment Act 1997