Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 104 - CGT events  

Subdivision 104-K - Other CGT events  

SECTION 104-265   Certain short-term forex realisation losses: CGT event K11  

104-265(1)  
CGT event K11 happens if:

(a) you make a *forex realisation loss as a result of forex realisation event 2; and

(b) item 1 of the table in subsection 775-75(1) applies.

104-265(2)  
The time of the event is when the forex realisation event happens.

104-265(3)  
You make a capital loss equal to the *forex realisation loss.

Note:

You cannot make a capital gain under CGT event K11. However, if you make a forex realisation gain covered by item 1 of the table in subsection 775-70(1) , you will make a capital gain under CGT event K10 (see section 104-260 ).