Document ID: chunk:federal_register_of_legislation:C2013C00453:clause:1_12:p34
Version: federal_register_of_legislation:C2013C00453
Segment Type: clause
Provision Reference: sch 1 cl 12 (pt 34/39)
Character Range: 223861–226582

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) If the equity amount is positive, include in your assessable income for the particular income year mentioned in paragraph (1)(c) so much of it as relates to the *financial arrangement mentioned in paragraph (1)(a).
 (3) If the equity amount is negative, you are entitled to a deduction for the particular income year mentioned in paragraph (1)(c) equal to so much of it as relates to the *financial arrangement mentioned in paragraph (1)(a).

230‑500  Comparable foreign accounting and auditing standards
  The regulations may:
 (a) specify that particular standards that apply under a *foreign law are to be taken for the purposes of this Division to be comparable to the *accounting standards; and
 (b) specify that particular standards that apply under a foreign law are to be taken for the purposes of this Division to be comparable to the *auditing standards.

230‑505  Financial arrangement as consideration for provision or acquisition of a thing
 (1) This section applies if you start or cease to have a *Division 230 financial arrangement as consideration for the provision or acquisition of a thing.
 (2) Work out the *market value of the thing at the time at which you (in fact) provide or acquire it. For the purposes of applying this Act to you, treat the amount:
 (a) you obtain for providing the thing; or
 (b) you provide for acquiring the thing;
as being that market value.
Note 1: The amount may be relevant, for example, for the purposes of applying the provisions of this Act dealing with capital gains, capital allowances or trading stock to the thing.
Note 2: This subsection does not affect the financial benefits received or provided under the financial arrangement from you starting or ceasing to have it (except in the circumstances described in Note 3). However:
(a) the market value of the thing will be, or form part of, those financial benefits for the purposes of section 230‑445; and
(b) in the case of a non arm's length transaction, the amount of those financial benefits may be affected by section 230‑510.
Note 3: If the thing is itself a Division 230 financial arrangement and subsection (3) does not apply, this subsection will determine the financial benefits received or provided under the financial arrangement from you starting or ceasing to have it.
 (3) Subsection (2) does not apply if:
 (a) you start or cease to have the *financial arrangement as mentioned in subsection (1) under an arrangement (the starting or ceasing arrangement);