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 775-90  

775-90   Forex entitlement base of a right to pay foreign currency  

The forex entitlement base of a right, or a part of a right, to pay *foreign currency is the total of:

(a) the money you:

(i) are entitled to receive; or

(ii) would be entitled to receive in the event of the exercise of an option;

in respect of the discharge or satisfaction of the right or the part of the right; and

(b) the *market value of any *non-cash benefit you:

(i) are entitled to acquire or obtain; or

(ii) would be entitled to acquire or obtain in the event of the exercise of an option;

in respect of the discharge or satisfaction of the right or the part of the right;

reduced by:

(c) any amounts that you paid to acquire the right or the part of the right, where the amounts are not deductible under a provision of this Act other than this Division; and

(d) the market value of any non-cash benefit that you provided to acquire the right or the part of the right, where the market value is not deductible under a provision of this Act other than this Division.