Income Tax Assessment Act 1997
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Hide history noteException - foreign currency acquired before the applicable commencement date
775-165(1)
A *forex realisation gain or *forex realisation loss you make on the disposal of *foreign currency as a result of forex realisation event 1 is disregarded if:
(a) the foreign currency was acquired before the applicable commencement date; and
(b) you have not made an election under section 775-150 .
For the purposes of paragraph (a), the time of acquisition is worked out under Division 109 .
Note:
For applicable commencement date , see section 775-155 .
Exception - right acquired before the applicable commencement date
775-165(2)
A *forex realisation gain or *forex realisation loss you make as a result of forex realisation event 1, 2 or 5 happening to a right or a part of a right is disregarded if:
(a) the right, or the part of the right;
(i) was acquired before the applicable commencement date; or
(ii) arose under an eligible contract (within the meaning of the former Division 3B of Part III of the Income Tax Assessment Act 1936 ) that was entered into before the applicable commencement date; and
(b) you have not made an election under section 775-150 .
For the purposes of subparagraph (a)(i), the time of acquisition is worked out under Division 109 .
Note:
For applicable commencement date , see section 775-155 .
775-165(3)
If:
(a) at a particular time (the extension time ) on or after the applicable commencement date and under a contract that was entered into before the applicable commencement date, the period for which money has been lent is extended; and
(b) either:
(i) the contract is separate from the original loan contract; or
(ii) the extension amounts to a variation of the original loan contract;
subparagraph (2)(a)(ii) does not apply to a right, or a part of a right, that arises after the extension time and relates to the loan.
Note:
For applicable commencement date , see section 775-155 .
Exception - obligation incurred before the applicable commencement date
775-165(4)
A *forex realisation gain or *forex realisation loss you make as a result of forex realisation event 3 or 4 happening to an obligation or a part of an obligation is disregarded if:
(a) either:
(i) you incurred the obligation, or the part of the obligation, before the applicable commencement date; or
(ii) the obligation, or the part of the obligation, arose under an eligible contract (within the meaning of the former Division 3B of Part III of the Income Tax Assessment Act 1936 ) that was entered into before the applicable commencement date; and
(b) you have not made an election under section 775-150 .
Note:
For applicable commencement date , see section 775-155 .
775-165(5)
If:
(a) at a particular time (the extension time ) on or after the applicable commencement date and under a contract that was entered into before the applicable commencement date, the period for which money has been lent is extended; and
(b) either:
(i) the contract is separate from the original loan contract; or
(ii) the extension amounts to a variation of the original loan contract;
subparagraph (4)(a)(ii) does not apply to an obligation, or a part of an obligation, that arises after the extension time and relates to the loan.
Note:
For applicable commencement date , see section 775-155 .
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