Document ID: chunk:federal_register_of_legislation:C2025C00029:section:12:p12
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 12 (pt 12/43)
Character Range: 3975301–3978307

a matter in relation to the *hedging financial arrangement under section 230‑360; or
 (b) you determine a matter in relation to the arrangement under section 230‑360 but the determination does not satisfy the requirements of subsection 230‑360(2);
the Commissioner may determine that matter, in a way that satisfies the requirements of section 230‑360. A reference in this Division to a determination made under that section is treated as including a reference to a determination under this subsection.

Election does not apply to hedging financial arrangements you start to have after failing to comply with requirements
 (4) Your *hedging financial arrangement election does not apply to a *hedging financial arrangement you start to have:
 (a) after you fail to meet the requirement mentioned in paragraph (1)(b) in relation to the arrangement mentioned in that paragraph; and
 (b) before a date (if any) determined by the Commissioner.
 (5) The Commissioner may make a determination under paragraph (4)(b) only if satisfied that you are unlikely to fail again to meet a requirement of section 230‑355 or 230‑360 or paragraph 230‑365(c) in relation to a *hedging financial arrangement.
 (6) In deciding whether to make a determination under paragraph (4)(b), the Commissioner must have regard to:
 (a) your record keeping practices; and
 (b) your compliance history; and
 (c) any changes that have been made to:
 (i) your accounting systems and controls; and
 (ii) your internal governance processes;
  to ensure that failures of the kind mentioned in paragraph (1)(b) do not happen again; and
 (d) any other relevant matter.

Commissioner may still exercise powers under section 230‑380
 (7) This section does not prevent the Commissioner from exercising the Commissioner's powers under section 230‑380 in relation to the *hedging financial arrangement mentioned in subsection (1).

Subdivision 230‑F—Reliance on financial reports

Table of sections
230‑390 Objects of this Subdivision
230‑395 Election to rely on financial reports
230‑400 Financial reports election where differing income and accounting years
230‑405 Commissioner discretion to waive requirements in paragraphs 230‑395(2)(c) and (e)
230‑410 Financial arrangements to which the election applies
230‑415 Financial arrangements not covered by election
230‑420 Effect of election to rely on financial reports
230‑425 When election ceases to apply
230‑430 Balancing adjustment if election ceases to apply

230‑390  Objects of this Subdivision
  The objects of this Subdivision are:
 (a) to reduce administration and compliance costs by allowing you to align the tax treatment of your gains and losses from a *financial arrangement with the accounting treatment that applies to the arrangement; and
 (b) to achieve those objects without your obtaining inappropriate tax benefits.

230‑395  Election to rely on financial reports

Election
 (1) You may make an election to rely on financial reports if you are eligible under subsection (2) to