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INCOME TAX ASSESSMENT ACT 1997 - SECT 775.105

Currency exchange rate effect

             (1)  A currency exchange rate effect is:

                     (a)  any currency exchange rate fluctuations; or

                     (b)  a difference between:

                              (i)  an expressly or implicitly agreed currency exchange rate for a future date or time; and

                             (ii)  the applicable currency exchange rate at that date or time.

             (2)  To work out whether there is a currency exchange rate effect and (if so), the extent of that effect, use whichever of the following translation rules is applicable to you:

                     (a)  the translation rules in section 960-50 (the standard rules);

                     (b)  the translation rules in section 960-80 (the functional currency rules).



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