INCOME TAX ASSESSMENT ACT 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 775 - Foreign currency gains and losses  

Subdivision 775-A - Objects of this Division  

SECTION 775-10   775-10   Objects of this Division  


The objects of this Division are as follows:


(a) to recognise *foreign currency gains and losses for income tax purposes;


(b) to quantify those gains and losses by reference to the change in the Australian dollar value of rights and obligations;


(c) to treat certain foreign currency denominated financing facilities that are the economic equivalent of a loan as if the relevant facility were a loan;


(d) to reduce compliance costs by not requiring the recognition of certain low-value foreign currency gains and losses that involve substantial calculations.


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