Document ID: chunk:federal_register_of_legislation:C2013C00453:clause:1_12:p16
Version: federal_register_of_legislation:C2013C00453
Segment Type: clause
Provision Reference: sch 1 cl 12 (pt 16/39)
Character Range: 178517–181254

as not being financial arrangements for the purposes of this Division.
 (4) Paragraphs (1)(c) and (d) are taken to be satisfied in relation to the *financial arrangement.
 (5) Paragraph (1)(e) applies as if the reference in subparagraph (1)(e)(i) to the amount of the overall gain or loss you make from the *financial arrangement (as determined in accordance with the financial reports) were a reference to the amount of that overall gain or loss (as would be determined in accordance with the financial reports if the arrangement had not been an intra‑group transaction for the purposes of the standard referred to in paragraph (3)(b)).
 (6) Paragraph (1)(f) applies as if the reference in subparagraph (1)(f)(i) to the method used in your financial reports to work out the amounts of the gain or loss you make from the arrangement for each income year were a reference to the method that would be used in your financial reports to work out those amounts if the arrangement had not been an intra‑group transaction for the purposes of the standard referred to in paragraph (3)(b).
 (7) For the purposes of applying subparagraphs (1)(e)(ii) and (f)(ii) to a *financial arrangement, assume that you had made any election that:
 (a) you could make under Subdivision 230‑C or 230‑D; and
 (b) could apply to the arrangement.
 (8) If:
 (a) the *financial arrangement would not be a financial arrangement if the following provisions were disregarded:
 (i) Division 9A of Part III of the Income Tax Assessment Act 1936 (which deals with offshore banking units);
 (ii) Part IIIB of that Act (which deals with Australian branches of foreign banks etc.); and
 (b) paragraphs (1)(c) and (d) would be satisfied in relation to the financial arrangement if the arrangement had been between 2 separate entities; and
 (c) the *election to rely on financial reports is made by:
 (i) if section 121EB of the Income Tax Assessment Act 1936 applies—the OBU mentioned in that section (disregarding the operation of that section); or
 (ii) if section 160ZZW of that Act applies—the bank mentioned in that section (disregarding the operation of that section);
paragraphs (1)(c) and (d) are taken to be satisfied in relation to the arrangement.

230‑415  Financial arrangements not covered by election
 (1) An *election to rely on financial reports does not apply to a *financial arrangement if:
 (a) the arrangement is an *equity interest; and
 (b) you are the issuer of the equity interest.
 (2) An *election to rely on financial reports 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