Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) You have a sufficiently certain gain or loss from a * financial arrangement at a particular time if it is sufficiently certain at that time that you make, or will make, a gain or loss from the arrangement of:
(a) a particular amount; or
(b) at least a particular amount;
when one of the following occurs:
(c) you receive a particular * financial benefit under the arrangement or one of your rights under the arrangement ceases;
(d) you provide a particular financial benefit under the arrangement or one of your obligations under the arrangement ceases.
The amount of the gain or loss is the amount referred to in paragraph (a) or (b).
(2) In applying subsection (1) to work out whether you have a sufficiently certain gain or loss at a particular time:
(a) have regard to the extent of the risk that a * financial benefit that you are not sufficiently certain to provide or receive under the arrangement may reduce the amount of the gain or loss, and the extent to which such a financial benefit is, for the purposes of subsection 230 - 70(2) or 230 - 75(2), reasonably attributable to the benefit, right or obligation mentioned in paragraph (1)(c) or (d) of this section at the time mentioned in subsection (1); and
(b) disregard any financial benefit that has already been taken into account, under subsection 230 - 105(1), in working out, at the time when you started to have the arrangement, the amount of a sufficiently certain overall gain or loss from the * financial arrangement to which the accruals method applies; and
(c) disregard any financial benefit (or that part of any financial benefit) that has already been taken into account in working out the amount of a sufficiently certain gain or loss from the * financial arrangement under subsection (1).
Note: Sections 230 - 70 and 230 - 75 allow you to apportion financial benefits provided and financial benefits received in working out the amount of a gain or loss.