Document ID: chunk:federal_register_of_legislation:C2013C00453:clause:1_12:p33
Version: federal_register_of_legislation:C2013C00453
Segment Type: clause
Provision Reference: sch 1 cl 12 (pt 33/39)
Character Range: 221369–224100

for the Australian residency period.

Fair value, foreign exchange retranslation and financial reports methods
 (7) Subsection (8) applies if:
 (a) assuming that you disregarded this section and subsection 230‑40(2), you would apply the fair value or foreign exchange retranslation method or the method of relying on your financial reports to determine the amount of:
 (i) a gain included in your assessable income under section 230‑15 for the income year; or
 (ii) a loss you can deduct under section 230‑15 for the income year; and
 (b) subsection (4) does not apply in relation to any gain or loss under the arrangement.
 (8) Apply that method to work out:
 (a) a gain or loss from the arrangement for the foreign residency period; and
 (b) a gain or loss from the arrangement for the Australian residency period.

230‑490  Effect of change of residence—disposal and reacquisition etc. after ceasing to be Australian resident where no further recognised gains or losses from arrangement
 (1) This section applies if:
 (a) you cease to be an Australian resident at a particular time (the residence change time); and
 (b) you have a *financial arrangement at the residence change time; and
 (c) at the residence change time you expect that any gains and losses you make from the arrangement after that time will not be assessable or deductible under this Division.
 (2) You are taken for the purposes of this Division:
 (a) to have disposed of the arrangement just before that time for its fair value just before that time; and
 (b) to have acquired the arrangement again at the residence change time for its fair value at that time.

230‑495  Effect of change of accounting standards
 (1) This section applies if:
 (a) one of these methods apply to take account of a gain or loss you make from a *financial arrangement:
 (i) the fair value method provided for in Subdivision 230‑C; or
 (ii) the foreign exchange retranslation method provided for in Subdivision 230‑D; or
 (iii) the method of relying on your financial reports provided for in Subdivision 230‑F; and
 (b) there is a change in, or in the application of, the relevant standards (as mentioned in section 230‑230 (fair value method), 230‑280 (foreign exchange retranslation method) or 230‑420 (method of relying on financial reports)) that apply in relation to the arrangement; and
 (c) that change applies to a particular income year and later years; and
 (d) as a result of the change, those standards require you to recognise in your statement of financial position an amount (the equity amount), in order to avoid the need to increase or decrease gains or losses recognised in profit or loss from the financial arrangement in respect of previous income years.
 (2)