Taxation Determination

TD 92/108W

Income tax: foreign income: application of currency conversion rules to foreign exchange gains and losses of a controlled foreign company (CFC).

• Please note that the PDF version is the authorised version of this withdrawal notice.
  This document incorporates revisions made since original publication. View its history and amending notices, if applicable.

FOI status:

Notice of Withdrawal

Determination TD 92/108 is withdrawn with effect from today.

Given the decision of the High Court in FC of T v. Energy Resources of Australia (ERA) 96 ATC 4536; 3 ATR 52, the Determination is not adequately inclusive. Furthermore, the Determination may be misleading (given the ERA case) in that it does not state or cover the difference in calculation between items on revenue account and items on capital account.

Commissioner of Taxation
28 July 1999

References

ATO references:
NO NAT 99/4295-5; 92/3745-3

Subject References:
CFCs
foreign exchange gains and losses
currency conversion

Legislative References:
ITAA 391