Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Paragraph 230 - 395(2)(c) or (e) does not apply in relation to your * election to rely on financial reports for a particular income year or income years if the Commissioner determines that the paragraph does not apply to the election for that income year or those income years.
(2) In deciding whether to make the determination under subsection (1), the Commissioner must have regard to:
(a) the reasons for the non - compliance with the principles or standards concerned; and
(b) the remedial action (if any) that you have undertaken to ensure that non - compliance with those principles or standards does not occur in future (such as changes to your accounting systems and controls or to your internal governance structures); and
(c) if you, or your activities, are subject to regulatory oversight or review--any opinions expressed by the regulator about the adequacy of remedial action of the kind referred to in paragraph (b); and
(d) any other relevant matter.