Income Tax Assessment Act 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 775 - Foreign currency gains and losses  

Subdivision 775-B - Realisation of forex gains or losses  

SECTION 775-80   You may choose not to have sections 775-70 and 775-75 apply to you  

775-80(1)    
You may choose not to have sections 775-70 and 775-75 apply to you.

775-80(2)    
A choice must be in writing.

775-80(3)    
A choice must be made:

(a) if you were in existence at the start of the applicable commencement date:

(i) within 90 days after the applicable commencement date; or

(ii) within 30 days after the commencement of this subsection; or

(b) if you came into existence within 90 days after the start of the applicable commencement date:

(i) within 90 days after you came into existence; or

(ii) within 30 days after the commencement of this subsection; or

(c) if the Commissioner allows a longer period - within that longer period.

Note:

For applicable commencement date , see section 775-155 .

775-80(4)    
A choice has effect from the start of the applicable commencement date.

775-80(5)    
A choice may not be revoked.