Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 104 - CGT events  

Subdivision 104-K - Other CGT events  

SECTION 104-260   Certain short-term forex realisation gains: CGT event K10  

104-260(1)    
CGT event K10 happens if:

(a) you make a *forex realisation gain as a result of forex realisation event 2; and

(b) item 1 of the table in subsection 775-70(1) applies.

104-260(2)    
The time of the event is when the forex realisation event happens.

104-260(3)    
You make a capital gain equal to the *forex realisation gain.

Note:

You cannot make a capital loss under CGT event K10. However, if you make a forex realisation loss covered by item 1 of the table in subsection 775-75(1) , you will make a capital loss under CGT event K11 (see section 104-265 ).