Income Tax Assessment Act 1997
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Hide history noteSECTION 775-315 Balancing adjustment when election ceases to apply to arrangement 775-315(1)
This section applies if:
(a) you make a *foreign exchange retranslation election; and
(b) the election ceases to have effect or ceases to apply to an *arrangement.
775-315(2)
You are taken, for the purposes of this Division, to have:
(a) disposed of the *arrangement for its fair value immediately before the election ceases to have effect or ceases to apply to the arrangement; and
(b) reacquired the arrangement at its fair value immediately after the election ceases to have effect or ceases to apply to the arrangement.
Note:
Paragraph (a) means that there would be a forex realisation event 9 in relation to the arrangement.
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