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01 Jun 11 Hedging financial arrangement election - TD 2011/D5

This draft Taxation Determination, released on 1 June 2011, deals with the question: will the gain or loss resulting from the expiration, sale, termination or exercise of a hedging financial arrangement to which a hedging financial arrangement election applies be determined and allocated in accordance with s 230-300(2) and s 230-300(3) ITAA 1997 where that expiration, sale, termination or exercise happens before an occurrence of an event listed in the table in s 230-305 ITAA 1997?: TD 2011/D5.

The draft Determination answers yes. A gain or loss resulting from the expiration, sale, termination or exercise (collectively “Cessation Events”) in relation to a hedging financial arrangement to which a hedging financial arrangement election applies will be determined and allocated in accordance with s 230-300(2) and 230-300(3) ITAA 1997 where the Cessation Event happens before an occurrence of an event listed in the table in s 230-305.

The closing date for comments is 1 July 2011.