Section EZ 52B — Income Tax Act 2007: Consistency of use of IFRS method: Determination G3 change allowed

EZ 52B Consistency of use of IFRS method: Determination G3 change allowed When this section applies (1) This section applies to a financial arrangement of a person— (a) for the 2009–10 income year, unless paragraph (b) or (c) applies: (b) for the 2008–09 or the 2009–10 income year (a retrospective year ) if— (i) the financial arrangement is subject to a creditor workout in a retrospective year; and (ii) the person notifies the Commissioner in writing of their election to apply this section to the financial arrangement for a retrospective year: (c) for an income year after the 2009–10 income year, if— (i) the financial arrangement is subject to a creditor workout in the relevant income year; and (ii) the person notifies the Commissioner in writing of their election to apply this section to the financial arrangement for the relevant income year before the last day for filing a return of income for that income year. Exception modified (2) For the purposes of the exception in section EW 25B(2) (Consistency of use of IFRS method), the person may change a method for IFRS for the financial arrangement if— (a) the method they change to or from is Determination G3 under section EW 15E(2)(aa) (Determination alternatives) or an alternative to Determination G3 under section EW 15E(2)(e) (What is included when spreading methods used); and (b) that method is available to them to use. Defined in this Act: creditor workout , financial arrangement , IFRS , income year Section EZ 52B: added (with effect on 1 April 2008), on 6 October 2009, by section 198 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section EZ 52B(2)(a): amended (with effect on 1 April 2008), on 7 December 2009, by section 40 of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63).