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 775-105   Currency exchange rate effect  

775-105(1)  
A currency exchange rate effect is:


(a) any currency exchange rate fluctuations; or


(b) a difference between:


(i) an expressly or implicitly agreed currency exchange rate for a future date or time; and

(ii) the applicable currency exchange rate at that date or time.

775-105(2)  
To work out whether there is a currency exchange rate effect and (if so), the extent of that effect, use whichever of the following translation rules is applicable to you:


(a) the translation rules in section 960-50 (the standard rules);


(b) the translation rules in section 960-80 (the functional currency rules).


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