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 775-120  

775-120   Non-arm's length transactions  

If:

(a) you and another entity did not deal with each other at *arm's length in connection with a transaction that is relevant to working out:

(i) whether you make a *forex realisation gain or a *forex realisation loss; or

(ii) the amount of any *forex realisation gain or a *forex realisation loss made by you; and

(b) apart from this section, a particular amount is more or less than it would have been if you and the other entity had been dealing with each other at arm's length;

this Subdivision applies to you as if that amount were the amount it would have been if you and the other entity had been dealing with each other at arm's length.