New Business Tax System (Taxation of Financial Arrangements) Act (No. 1) 2003 (133 of 2003)
Schedule 4 Foreign currency
Part 1 Amendments
Income Tax Assessment Act 1997
52 Section 112-97 (at the end of the table)
Add:
|
25 |
You make a forex realisation gain as a result of forex realisation event 4, and: (a) you incurred the obligation to pay foreign currency: (i) in return for the acquisition of a CGT asset; or (ii) as the second, third, fourth or fifth element of the cost base of a CGT asset; and (b) the foreign currency became due for payment within 12 months after the time when: (i) in the case of the acquisition of a CGT asset - you acquired the CGT asset; or (ii) in the case of the second, third, fourth or fifth element of the cost base of a CGT asset - you incurred the relevant expenditure |
total cost base and reduced cost base |
section 775-70 |
|
26 |
You make a forex realisation loss as a result of forex realisation event 4, and: (a) you incurred the obligation to pay foreign currency: (i) in return for the acquisition of a CGT asset; or (ii) as the second, third, fourth or fifth element of the cost base of a CGT asset; and (b) the foreign currency became due for payment within 12 months after the time when: (i) in the case of the acquisition of a CGT asset - you acquired the CGT asset; or (ii) in the case of the second, third, fourth or fifth element of the cost base of a CGT asset - you incurred the relevant expenditure |
total cost base and reduced cost base |
section 775-75 |
|
27 |
You acquire foreign currency as a result of forex realisation event 2 |
first element of cost base and reduced cost base |
section 775-125 |
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