Document ID: chunk:federal_register_of_legislation:C2011C00519:clause:1_2:p9
Version: federal_register_of_legislation:C2011C00519
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 9/21)
Character Range: 76335–78979

included in your assessable income; or
 (b) allowable as a deduction to you;
under any other provisions of this Act for the same or any other income year.

Associated financial benefits

 (3) If the amount or value of a *financial benefit is taken into account in working out whether you make, or the amount of, a gain or loss that is, or is to be, included in your assessable income or allowable as a deduction for you for an income year under this Subdivision, the benefit is not to be (to any extent):
 (a) included in your assessable income; or
 (b) allowable as a deduction to you;
under any other provision of this Act for the same or any other income year.

Method to be applied to take account of gain or loss

250‑215  Methods for taking gain or loss into account

  The methods that can be applied to take account of a gain or loss you make from the *financial arrangement you have are:
 (a) the accruals method provided for in sections 250‑235 to 250‑255; or
 (b) a balancing adjustment provided for in sections 250‑265 to 250‑275.
A gain or loss is not taken into account under the method referred to in paragraph (a) to the extent to which the gain or loss is taken into account under sections 250‑265 to 250‑275.

General rules

250‑220  Consistency in working out gains or losses (integrity measure)

Object of section

 (1) The object of this section is to stop you obtaining an inappropriate tax benefit from not working out your gains and losses in a consistent manner.

Consistent treatment for particular financial arrangement

 (2) If:
 (a) this Subdivision provides that a particular method applies to gains or losses you make from the *financial arrangement; and
 (b) that method allows you to choose the particular manner in which you apply that method;
you must use that manner consistently for the arrangement for all income years.

Consistent treatment for financial arrangements of essentially the same nature

 (3) If:
 (a) this Subdivision provides that a particular method applies to gains or losses you make from 2 or more *financial arrangements; and
 (b) that method allows you to choose the particular manner in which you apply that method;
you must use that same manner consistently for all of those financial arrangements that are essentially of the same nature.

250‑225  Rights and obligations include contingent rights and obligations

  To avoid doubt:
 (a) a right is treated as a right for the purposes of this Division even it is subject to a contingency; and
 (b) an obligation is treated as an obligation for the purpose of this Division even if it is subject to a contingency.

The accruals