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.



 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.