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Income Tax Assessment Act 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

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PART 4-5 - GENERAL  

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Division 775 - Foreign currency gains and losses  

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Subdivision 775-E - Retranslation for qualifying forex accounts  

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Guide to Subdivision 775-E

SECTION 775-265   What this Subdivision is about  

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If you choose retranslation for a qualifying forex account:

  • (a) a forex realisation gain or a forex realisation loss you make in relation to the account as a result of forex realisation event 2 or 4 is disregarded; and
  • (b) forex realisation event 8 enables any gains or losses to be worked out on a retranslation basis.
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    TABLE OF SECTIONS
    TABLE OF SECTIONS
    Operative provisions
    775-270 You may choose retranslation for a qualifying forex account
    775-275 Withdrawal of choice
    775-280 Tax consequences of choosing retranslation for an account
    775-285 Retranslation of gains and losses relating to a qualifying forex account - forex realisation event 8


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