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-F - Retranslation under foreign exchange retranslation election under Subdivision 230-D  

Guide to Subdivision 775-F

SECTION 775-315   Balancing adjustment when election ceases to apply to arrangement  

775-315(1)  
This section applies if:


(a) you make a *foreign exchange retranslation election; and


(b) the election ceases to have effect or ceases to apply to an *arrangement.

775-315(2)  
You are taken, for the purposes of this Division, to have:


(a) disposed of the *arrangement for its fair value immediately before the election ceases to have effect or ceases to apply to the arrangement; and


(b) reacquired the arrangement at its fair value immediately after the election ceases to have effect or ceases to apply to the arrangement.

Note:

Paragraph (a) means that there would be a forex realisation event 9 in relation to the arrangement.


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