INCOME TAX ASSESSMENT ACT 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 960 - General  

Subdivision 960-C - Foreign currency  

SECTION 960-55   Application of translation rules  

960-55(1)  
Section 960-50 applies to:


(a) a transaction, event or thing that:


(i) involves an amount in a *foreign currency; and

(ii) occurs on or after the applicable commencement date (within the meaning of Division 775 ); or


(b) a transaction, event or thing that:


(i) involves an amount in a foreign currency; and

(ii) occurs before the applicable commencement date (within the meaning of Division 775 );
to the extent to which the transaction, event or thing is relevant for the purposes of Division 775 ; or


(c) an amount that Division 12 of Part 2-5 in Schedule 1 to the Taxation Administration Act 1953 requires to be withheld from a payment, if the time when the amount is required to be withheld occurs on or after 1 July 2003; or


(d) a payment that Part 5-30 in Schedule 1 to the Taxation Administration Act 1953 requires to be reported, if the amount is paid on or after 1 July 2003.

Note:

For applicable commencement date , see section 775-155 .

Exceptions

960-55(2)  
Despite subsection (1), section 960-50 does not apply to a transaction, event or thing that involves:


(a) an amount covered by subsection 775-165(1) ; or


(b) a right, or a part of a right, covered by subsection 775-165(2) ; or


(c) an obligation, or a part of an obligation, covered by subsection 775-165(4) .

Note:

Subsections 775-165(1) , (2) and (4) are transitional provisions relating to forex realisation events.

960-55(3)  
(Repealed by No 15 of 2009 )

960-55(4)  
(Repealed by No 15 of 2009 )


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