Income Tax Assessment Act 1997



Division 775 - Foreign currency gains and losses  

Subdivision 775-D - Qualifying forex accounts that pass the limited balance test  

Operative provisions

SECTION 775-230   Election to have this Subdivision apply to one or more qualifying forex accounts  

You may elect to have this Subdivision apply to one or more *qualifying forex accounts held by you.

An election must be in writing.


(a) you make an election within 30 days after the commencement of this subsection; and

(b) the election is expressed to have come into effect on a specified day; and

(c) the specified day is included in the period:

(i) beginning on 1 July 2003; and

(ii) ending on the day on which the election is made;

the election is taken to have come into effect on the specified day.

An election continues in effect, in relation to a particular account, until:

(a) you cease to hold the account; or

(b) the account ceases to be a *qualifying forex account; or

(c) the election is varied by removing the account; or

(d) a withdrawal of the election takes effect;

whichever happens first.

Note 1:

For variation of election, see section 775-235 .

Note 2:

For withdrawal of election, see section 775-240 .

If an election made by you under this section is in effect, you are not entitled to make another election under this section.

An *ADI or a *non-ADI financial institution is not entitled to make an election under this section.


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