Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 230.380

Commissioner may determine that requirement met

  (1)   If (apart from this section) the requirements of sections   230 - 355 to 230 - 365 are not met in relation to a * hedging financial arrangement that you have, treat those requirements as having been so met if the Commissioner makes a determination under subsection   (1A) in relation to the arrangement.

  (1A)   The Commissioner may make the determination if the Commissioner considers that this is appropriate, having regard to:

  (a)   the respects in which the arrangement does not meet those requirements; and

  (b)   the extent to which it does not meet those requirements; and

  (c)   the reasons why it does not meet those requirements; 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   (1A) conditional on your keeping records in addition to those required by section   230 - 355.

  (3)   A determination under subsection   (1A) 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   (1A) 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);

the Commissioner may determine that matter, in a way that satisfies the requirements of section   230 - 360. The Commissioner's determination has effect as if you had made the determination and recorded it under that section.