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.


 

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