Income Tax Assessment Act 1997



Division 230 - Taxation of financial arrangements  

Subdivision 230-D - Foreign exchange retranslation method  

SECTION 230-275   Balancing adjustment for election in relation to qualifying forex accounts  


If you make a *foreign exchange retranslation election under subsection 230-255(3) in relation to a *financial arrangement after you start to have the arrangement, you must make a balancing adjustment under subsection (2).


The balancing adjustment under this subsection is the balancing adjustment you would make under Subdivision 230-G if you ceased to have the arrangement for its fair value at the time when the election started to apply to the arrangement (but only to the extent to which the balancing adjustment is reasonably attributable to a *currency exchange rate effect).


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