Document ID: chunk:federal_register_of_legislation:C2019A00095:clause:1_3:p2
Version: federal_register_of_legislation:C2019A00095
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 2/2)
Character Range: 6233–7075

liability for a right, or other asset, covered by subsection 57‑30(1) to which section 57‑32 applies.
Note: Section 57‑32 applies if the asset or liability is or is part of a Division 230 financial arrangement.
 (2) For the purposes of section 230‑60 of the Income Tax Assessment Act 1997, assume the following:
 (a) in the case of an asset—that the transition taxpayer acquired the asset at the transition time in return for the transition taxpayer starting to have an obligation to provide one or more financial benefits in relation to the Division 230 financial arrangement;
 (b) in the case of a liability—that the transition taxpayer started to have the liability at the transition time in return for the transition taxpayer starting to have a right to receive one or more financial benefits under the Division 230 financial arrangement.