Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 230.527

  (1)   So much of a Statement of Financial Performance and a Statement of Financial Position, given to * APRA by a foreign ADI (within the meaning of the Banking Act 1959 ) as required under section   13 of the Financial Sector (Collection of Data) Act 2001 , as:

  (a)   cover the activities of an * Australian permanent establishment of the foreign ADI for the year; and

  (b)   are prepared in accordance with the recognition and measurement standards under the * accounting principles; and

  (c)   are audited in accordance with the * auditing principles;

are treated, for the purposes of the provisions mentioned in subsection   (2), as being a financial report for a year:

  (d)   prepared by the foreign ADI in accordance with the accounting principles; and

  (e)   audited in accordance with the auditing principles.

  (2)   The provisions are as follows:

  (a)   sections   230 - 150 to 230 - 165 (election for portfolio treatment of fees);

  (b)   sections   230 - 210 to 230 - 220 (fair value election);

  (c)   sections   230 - 255 to 230 - 265 (foreign exchange retranslation election);

  (d)   sections   230 - 315 to 230 - 335 (hedging financial arrangement election);

  (e)   sections   230 - 395, 230 - 400, 230 - 410 and 230 - 430 (election to rely on financial reports).

Table of sections

230 - 530   Additional operation of Division