Unit 13: Financial transactions

Division 230

Financial arrangement – arrangements made up of rights to receive financial benefits that are monetary in nature.
It generally applies to authorized deposit taking institution, such as Bank, a superannuation entity, entities meet a number of thresholds 1) aggregated turnover is 100 million or more 2) assets >300 million 3) financial assets > 100 million

Financial arrangements will be assessable, and losses are deductible only if a taxpayer makes them in gaining or producing assessable income.

Gains and losses are not assessable if they are NANE, including exempt income and none assessable, none exempt income, or if the arrangement is held for private or domestic purposes.

Exclusions- Luxury car leases, hire-purchase arrangements, leases of lands and goods, superannuation and pension benefits.

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