Income Tax Assessment Act 1997
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Hide history noteSECTION 775-295 When this Subdivision applies 775-295(1)
A *foreign exchange retranslation election applies to an *arrangement for the purposes of this Subdivision if:
(a) you start to have the arrangement after the start of the income year in which the election is made; and
(b) the arrangement is recognised in financial reports of a kind referred to in paragraph 230-255(2)(a) that are audited, or required to be audited, as referred to in paragraph 230-255(2)(b) ; and
(c) the arrangement is one in relation to which you are required by:
(i) *accounting standard AASB 121 (or another accounting standard prescribed for the purposes of paragraph 230-265(1)(c) ); or
to recognise, in the financial reports referred to in paragraph 230-255(2)(a) , amounts in profit or loss (if any) that are attributable to changes in currency exchange rates.
(ii) if that standard does not apply to the preparation of the financial report - a comparable accounting standard that applies to the preparation of the financial report under a *foreign law;
775-295(2)
The *foreign exchange retranslation election does not apply to an *arrangement for the purposes of this Subdivision if:
(a) the election is made by the *head company of a *consolidated group or a *MEC group; and
(b) the election specifies that the election is not to apply to *financial arrangements in relation to *life insurance business carried on by a member of the consolidated group or MEC group; and
(c) the arrangement is one that relates to the life insurance business carried on by a member of the consolidated group or MEC group.
775-295(3)
The *foreign exchange retranslation election does not apply to an *arrangement for the purposes of this Subdivision if the arrangement is associated with a business of a kind specified in regulations made for the purposes of subsection 230-270(4) .
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