Document ID: chunk:federal_register_of_legislation:C2013C00453:clause:1_101
Version: federal_register_of_legislation:C2013C00453
Segment Type: clause
Provision Reference: sch 1 cl 101
Character Range: 273129–274030

101  Subsection 45‑120(2B) in Schedule 1
Repeal the subsection (including the heading), substitute:

Net gains under Division 230 included in instalment income
 (2B) Your instalment income for a period also includes the difference between:
 (a) a gain (or gains) you make from a *financial arrangement to the extent to which it is (or they are):
 (i) assessable under Division 230 of the Income Tax Assessment Act 1997; and
 (ii) reasonably attributable to that period; and
 (b) a loss (or losses) you make from a financial arrangement to the extent to which it is (or they are):
 (i) allowable to you as a deduction under Division 230 of the Income Tax Assessment Act 1997; and
 (ii) reasonably attributable to that period.
This is so only if the gain (or gains) referred to in paragraph (a) exceeds the loss (or losses) referred to in paragraph (b).

Part 3—Application and transitional provisions