Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 775.260

Modification of tax recognition time

Forex realisation event 2

             (1)  If:

                     (a)  forex realisation event 2 happens in relation to a * qualifying forex account that:

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

                             (ii)  does not pass the limited balance test at the time of the event; and

                     (b)  apart from this subsection, the tax recognition time, worked out using the table in subsection 775-45(7), happened at a time when the account passed the limited balance test;

section 775- 45 applies to you as if the tax recognition time were the most recent time before the forex realisation event when the account ceased to pass the limited balance test (despite subsection 775-45(7)).

Forex realisation event 4

             (2)  If:

                     (a)  forex realisation event 4 happens in relation to a * qualifying forex account that:

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

                             (ii)  does not pass the limited balance test at the time of the event; and

                     (b)  apart from this subsection, the tax recognition time, worked out using the table in subsection 775-55(7), happened at a time when the account passed the limited balance test;

section 775- 55 applies to you as if the tax recognition time were the most recent time before the forex realisation event when the account ceased to pass the limited balance test (despite subsection 775-55(7)).

Guide to Subdivision 775-E



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