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 775-95  

775-95   Proceeds of assuming an obligation to pay foreign currency  


For the purposes of this Division, the proceeds of assuming an obligation, or a part of an obligation, to pay *foreign currency are the total of:


(a) the money you:


(i) received; or

(ii) are entitled to receive; or

(iii) would be entitled to receive in the event of the exercise of an option;
in return for incurring the obligation or the part of the obligation; and


(b) the *market value of any *non-cash benefit you:


(i) acquired or obtained; or

(ii) are entitled to acquire or obtain; or

(iii) would be entitled to acquire or obtain in the event of the exercise of an option;
in return for incurring the obligation or the part of the obligation;

reduced by any amounts that are included in assessable income under a provision of this Act other than this Division.


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.