Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 775.145

Application of forex realisation events to currency and fungible rights and obligations

             (1)  Forex realisation event 1, 2 or 4 applies in relation to:

                     (a)  * foreign currency; or

                     (b)  a fungible right, or a part of a fungible right, to receive foreign currency; or

                     (c)  a fungible obligation, or a part of a fungible obligation, to pay foreign currency;

on a first-in first-out basis.

             (2)  The regulations may provide that any or all of forex realisation events 1, 2 and 4 apply, or apply in specified circumstances, to:

                     (a)  * foreign currency; or

                     (b)  a fungible right, or a part of a fungible right, to receive foreign currency; or

                     (c)  a fungible obligation, or a part of a fungible obligation, to pay foreign currency;

on a weighted average basis (despite subsection (1)).

             (3)  The circumstances that may be specified for the purposes of subsection (2) include the circumstance that you have made an election to use a weighted average basis.

             (4)  Subsection (3) does not limit subsection (2).



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