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.