Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) You must make balancing adjustments under subsection (2) if a * fair value election ceases to have effect under subsection 230 - 240(1).
(2) The balancing adjustments under this subsection are the balancing adjustments you would make under Subdivision 230-G for each of the * financial arrangements to which the election applied if you disposed of the arrangement for its fair value when the election ceases to have effect.
(3) You must make a balancing adjustment under subsection (4) if a * fair value election ceases to apply to a particular * financial arrangement under subsection 230- 240(3).
(4) The balancing adjustment under this subsection is the balancing adjustment you would make under Subdivision 230-G if you disposed of the * financial arrangement for its fair value when the election ceases to apply to the arrangement.
(5) If a balancing adjustment is made under subsection (2) or (4) in relation to a * financial arrangement, you are taken, for the purposes of this Division, to have reacquired the arrangement at its fair value immediately after the election ceased to have effect or ceased to apply to the arrangement.
Table of sections
230-250 Objects of this Subdivision
230-255 Foreign exchange retranslation election
230-260 Foreign exchange retranslation election where differing income and accounting years
230-265 Financial arrangements to which general election applies
230-270 Financial arrangements to which general election does not apply
230-275 Balancing adjustment for election in relation to qualifying forex accounts
230-280 Applying foreign exchange retranslation method to gains and losses
230-285 When election ceases to apply
230-290 Balancing adjustment if election ceases to apply