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 775-80   You may choose not to have sections 775-70 and 775-75 apply to you  

775-80(1)    
You may choose not to have sections 775-70 and 775-75 apply to you.

775-80(2)    
A choice must be in writing.

775-80(3)    
A choice must be made:


(a) if you were in existence at the start of the applicable commencement date:


(i) within 90 days after the applicable commencement date; or

(ii) within 30 days after the commencement of this subsection; or


(b) if you came into existence within 90 days after the start of the applicable commencement date:


(i) within 90 days after you came into existence; or

(ii) within 30 days after the commencement of this subsection; or


(c) if the Commissioner allows a longer period - within that longer period.

Note:

For applicable commencement date , see section 775-155 .


775-80(4)    
A choice has effect from the start of the applicable commencement date.

775-80(5)    
A choice may not be revoked.



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.