Income Tax Assessment Act 1936

PART IIIB - AUSTRALIAN BRANCHES OF FOREIGN BANKS  

Division 2 - Provisions relating to income tax  

SECTION 160ZZZF  

160ZZZF   NOTIONAL FOREIGN EXCHANGE TRANSACTIONS BETWEEN BRANCH AND BANK  

If the accounting records of an Australian branch of a foreign bank reflect a foreign exchange transaction notionally entered into by the branch with the bank:

(a) the notional transaction is taken to be a transaction entered into by the branch with the bank; and

(b) any amount entered in the branch's accounting records as a payment or receipt in respect of the notional transaction is taken, for the purposes of this Act, to be an amount paid or received by the branch, as the case may be, in respect of the foreign exchange transaction when the amount was so entered.