New Business Tax System (Taxation of Financial Arrangements) Act (No. 1) 2003 (133 of 2003)
Schedule 4 Foreign currency
Part 1 Amendments
Income Tax Assessment Act 1997
72 Subsection 995-1(1)
Insert:
qualifying forex account means an account that:
(a) is denominated in a particular *foreign currency; and
(b) is:
(i) maintained in Australia, or in a foreign country, with an *ADI; or
(ii) maintained in a foreign country with a financial institution similar to an *ADI; and
(c) either:
(i) has the primary purpose of facilitating transactions; or
(ii) is a credit card account.