Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 775.135

Right to receive or pay foreign currency

Extended meaning of right to receive foreign currency

             (1)  For the purposes of this Division, a right to receive foreign currency includes a right to receive an amount calculated by reference to a currency exchange rate effect, even if that amount is not an amount of * foreign currency.

             (2)  To avoid doubt, for the purposes of this Division, a right to receive foreign currency includes a right to receive * foreign currency, where the right is subject to a contingency.

Extended meaning of right to pay foreign currency

             (3)  For the purposes of this Division, a right to pay foreign currency includes a right to pay an amount calculated by reference to a currency exchange rate effect, even if that amount is not an amount of * foreign currency.

             (4)  To avoid doubt, for the purposes of this Division, a right to pay foreign currency includes a right to pay * foreign currency, where the right is subject to a contingency.



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