Draft Taxation Determination

TD 2014/D10W - Notice of Withdrawal

Income tax: does forex realisation event 4 happen to the debtor under subsection 775-55(1) of the Income Tax Assessment Act 1997 on repayment of a loan taken out prior to the effective date of a choice to use the applicable functional currency and denominated in the same non-AUD currency that later becomes the applicable functional currency?

• Please note that the PDF version is the authorised version of this withdrawal notice.
  This document has changed over time. View its history.

Notice of Withdrawal

Taxation Determination TD 2014/D10 is withdrawn with effect from 8 October 2014.

1. TD 2014/D10 deals with whether subsection 775-55(1) of the Income Tax Assessment Act 1997 is satisfied on repayment of a loan obligation which straddles the effective date of an applicable functional choice and which is denominated in the same non-AUD currency as the applicable functional currency.

2. Following comments received as part of the public consultation process for TD 2014/D10, the ATO has decided to withdraw the draft determination. TD 2014/D10 will be replaced with a new draft determination which will provide that forex realisation event 4 does not happen in the circumstances outlined in TD 2014/D10.

3. In line with the normal process for a draft determination, the ATO will consult on the replacement determination before publishing a final ATO view.

Commissioner of Taxation
8 October 2014

© AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA

You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).

References

ATO references:
NO 1-5FAVENP