Income Tax Assessment Act 1997
CHAPTER 4
-
INTERNATIONAL ASPECTS OF INCOME TAX
A *forex realisation loss you make as a result of forex realisation event 1, 2 or 5 is disregarded to the extent that it is made in gaining or producing *exempt income or *non-assessable non-exempt income.
A *forex realisation loss you make as a result of forex realisation event 3, 4 or 6 is disregarded to the extent that:
(a) it is made in gaining or producing *exempt income or *non-assessable non-exempt income; and
(b) the obligation, or the part of the obligation, does not give rise to a deduction.
PART 4-5
-
GENERAL
Division 775
-
Foreign currency gains and losses
Subdivision 775-B
-
Realisation of forex gains or losses
SECTION 775-35
Certain forex realisation losses are disregarded
775-35(1)
A *forex realisation loss you make as a result of forex realisation event 1, 2 or 5 is disregarded to the extent that it is made in gaining or producing *exempt income or *non-assessable non-exempt income.
775-35(2)
A *forex realisation loss you make as a result of forex realisation event 3, 4 or 6 is disregarded to the extent that:
(a) it is made in gaining or producing *exempt income or *non-assessable non-exempt income; and
(b) the obligation, or the part of the obligation, does not give rise to a deduction.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.