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-B - Realisation of forex gains or losses  

SECTION 775-145   Application of forex realisation events to currency and fungible rights and obligations  

775-145(1)  
Forex realisation event 1, 2 or 4 applies in relation to:


(a) *foreign currency; or


(b) a fungible right, or a part of a fungible right, to receive foreign currency; or


(c) a fungible obligation, or a part of a fungible obligation, to pay foreign currency;

on a first-in first-out basis.

775-145(2)  
The regulations may provide that any or all of forex realisation events 1, 2 and 4 apply, or apply in specified circumstances, to:


(a) *foreign currency; or


(b) a fungible right, or a part of a fungible right, to receive foreign currency; or


(c) a fungible obligation, or a part of a fungible obligation, to pay foreign currency;

on a weighted average basis (despite subsection (1)).

775-145(3)  
The circumstances that may be specified for the purposes of subsection (2) include the circumstance that you have made an election to use a weighted average basis.

775-145(4)  
Subsection (3) does not limit subsection (2).


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.