Commentary on Sections Overview Chapter 2: Accrued income profits and losses Section 656: Power to modify: non-standard sale and repurchase arrangements
1943.This section provides powers for regulations to modify the application of section 655 in relation to cases involving “non-standard sale and repurchase arrangements” (as defined in subsection (2)). It is based on section 737E of ICTA.
1944.The section makes provision for repos for the purposes of the accrued income scheme equivalent to that made for repos in Part 11 (manufactured payments and repos). See section 612.