Income Tax Assessment Act 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

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Chapter 4 inserted by No 162 of 2001.

PART 4-5 - GENERAL  

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Part 4-5 inserted by No 162 of 2001.

Division 775 - Foreign currency gains and losses  

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Div 775 inserted by No 133 of 2003.

Subdivision 775-B - Realisation of forex gains or losses  

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Subdiv 775-B inserted by No 133 of 2003.

SECTION 775-35   Certain forex realisation losses are disregarded  

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775-35(1)    

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A *forex realisation loss you make as a result of forex realisation event 1, 2 or 5 is disregarded to the extent that it is made in gaining or producing *exempt income or *non-assessable non-exempt income.

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S 775-35(1) amended by No 136 of 2010 , s 3 and Sch 3 item 142, by substituting " *exempt income or *non-assessable non-exempt income " for " exempt income " , applicable on and after 17 December 2003.

775-35(2)    
A *forex realisation loss you make as a result of forex realisation event 3, 4 or 6 is disregarded to the extent that:

(a) it is made in gaining or producing *exempt income or *non-assessable non-exempt income; and

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(b) the obligation, or the part of the obligation, does not give rise to a deduction.

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S 775-35(2) amended by No 136 of 2010 , s 3 and Sch 3 item 143, by substituting " *exempt income or *non-assessable non-exempt income " for " exempt income or non-assessable non-exempt income " in para (a), applicable on and after 17 December 2003.

S 775-35 inserted by No 133 of 2003.

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