New Business Tax System (Taxation of Financial Arrangements) Act (No. 1) 2003 (133 of 2003)

Schedule 4   Foreign currency

Part 1   Amendments

Income Tax Assessment Act 1997

72   Subsection 995-1(1)

Insert:

qualifying forex account means an account that:

(a) is denominated in a particular *foreign currency; and

(b) is:

(i) maintained in Australia, or in a foreign country, with an *ADI; or

(ii) maintained in a foreign country with a financial institution similar to an *ADI; and

(c) either:

(i) has the primary purpose of facilitating transactions; or

(ii) is a credit card account.