Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p5
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 5/55)
Character Range: 3810801–3813365

reference in that subsection to 150 basis points were a reference to the number of basis points specified in the regulations.

Division does not affect foreign residence rules
 (7) Nothing in this Division affects the operation of the provisions of Division 6 that provide for the significance of foreign residence for the assessability of ordinary and statutory income.
Note 1: Gains that you make under this Division may be ordinary or statutory income for the purposes of Division 6.
Note 2: For the effect of a change of residence during an income year, see sections 230‑485 and 230‑490.

230‑20  Gain or loss to be taken into account only once under this Act

Application of section
 (1) This section applies to the following:
 (a) a gain that is included in your assessable income for an income year under this Division;
 (b) a loss that is allowable as a deduction to you for an income year under this Division;
 (c) a gain or a loss that is dealt with in accordance with subsection 230‑310(4) in relation to an income year.

Purpose of this section
 (2) The purpose of this section is to ensure that your gains and losses, and *financial benefits, to which this section applies are taken into account only once under this Act in working out your taxable income.

Gain or loss to be taken into account only once
 (3) A gain or loss to which this section applies is not to be (to any extent):
 (a) included in your assessable income; or
 (b) allowable as a deduction to you; or
 (c) dealt with in accordance with subsection 230‑310(4);
again under this Division for the same or any other income year.
 (4) A gain or loss to which this section applies is not to be (to any extent):
 (a) included in your assessable income; or
 (b) allowable as a deduction to you;
under any provisions of this Act outside this Division for the same or any other income year.

Section does not give rise to exempt income
 (5) A gain is not to be treated as *exempt income merely because it is not included in your assessable income under this section.

230‑25  Associated financial benefits to be taken into account only once under this Act

Application of section
 (1) This section applies to a *financial benefit whose amount or value is taken into account in working out whether you make, or the amount of, a gain or loss to which paragraph 230‑20(1)(a), (b) or (c) applies.

Associated financial benefit to be taken into account only once
 (2) A *financial benefit to which this section applies is not to be (to any extent):
 (a) included in your assessable income; or
 (b)