Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 775.250

Tax consequences of passing the limited balance test

             (1)  A * forex realisation gain or a * forex realisation loss you make as a result of forex realisation event 2 or 4 is disregarded if the event happens in relation to a * qualifying forex account that:

                     (a)  you hold at the time of the event; and

                     (b)  passes the limited balance test at the time of the event.

             (2)  If CGT event C1 or C2 happens in relation to a * qualifying forex account that:

                     (a)  you hold at the time of the event; and

                     (b)  passes the limited balance test at the time of the event;

disregard so much of any * capital gain or * capital loss you make as a result of the event as is attributable to a * currency exchange rate effect.

Note:          For currency exchange rate effect , see section 775- 105.



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