Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 230.235

  (1)   If:

  (a)   a * financial arrangement is constituted only in part by an asset or liability mentioned in paragraph   230 - 220(1)(c); and

  (b)   a * fair value election would apply to the arrangement if it were constituted solely by that asset or liability;

the provisions of this Division (other than this section) apply to the arrangement as if it were instead 2 separate financial arrangements.

  (2)   The 2 separate * financial arrangements are:

  (a)   one consisting of the part referred to in paragraph   (1)(a); and

  (b)   one consisting of the remaining part.