Document ID: chunk:federal_register_of_legislation:C2013C00453:clause:1_12:p10
Version: federal_register_of_legislation:C2013C00453
Segment Type: clause
Provision Reference: sch 1 cl 12 (pt 10/39)
Character Range: 163151–166047

230‑375  Balancing adjustment if election ceases to apply
 (1) This section applies if a *hedging financial arrangement election ceases to have effect under subsection 230‑370(1).
 (2) You are taken, for the purposes of this Division, to have:
 (a) disposed of each *hedging financial arrangement to which the election applies for its fair value immediately before the election ceases to have effect; and
 (b) reacquired the arrangement at its fair value immediately after the election ceases to have effect.
 (3) To avoid doubt, this Subdivision applies, for the purposes of working out the consequences of the disposal referred to in paragraph (2)(a), as if the *hedging financial arrangement were one to which the *hedging financial arrangement election applied at the time of the disposal.

230‑380  Where requirements not met

Commissioner may determine that requirement met
 (1) If a *hedging financial arrangement that you have would not meet the requirements of sections 230‑355 to 230‑365, it nevertheless meets the requirements if the Commissioner considers this appropriate having regard to:
 (a) the respects in which it would not do so; and
 (b) the extent to which it would not do so; and
 (c) the reasons why it would not do so; and
 (d) if the Commissioner is considering whether to impose conditions under subsection (2)—the likelihood that you will comply with those conditions; and
 (e) the objects of this Subdivision.

Commissioner may impose additional record keeping requirements
 (2) The Commissioner may make a determination under subsection (1) conditional on your keeping records in addition to those required by section 230‑355.
 (3) A determination under subsection (1) ceases to have effect if you breach a condition imposed under subsection (2).
 (4) Subsection (3) ceases to apply to you if the Commissioner determines that that subsection ceases to apply to you. The determination takes effect from the date specified in the determination.
 (5) In deciding whether to make the determination under subsection (4), the Commissioner must have regard to:
 (a) your record keeping practices; and
 (b) your compliance history; and
 (c) any changes that have been made to:
 (i) your accounting systems and controls; and
 (ii) your internal governance processes;
  to ensure that breaches of the kind referred to in subsection (3) do not happen again; and
 (d) any other relevant matter.

Commissioner may determine matter under section 230‑360
 (6) If:
 (a) the Commissioner makes a determination under subsection (1) in relation to a *hedging financial arrangement; and
 (b) either or both of the following applies:
 (i) you fail to determine a matter in relation to the arrangement under section 230‑360;
 (ii) you determine a matter in relation to the arrangement under section 230‑360 but the determination does not satisfy the requirements of subsection 230‑360(2);