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INCOME TAX ASSESSMENT ACT 1997 - SECT 775.295

When this Subdivision applies

  (1)   A * foreign exchange retranslation election applies to an * arrangement for the purposes of this Subdivision if:

  (a)   you start to have the arrangement after the start of the income year in which the election is made; and

  (b)   the arrangement is recognised in financial reports of a kind referred to in paragraph   230 - 255(2)(a) that are audited, or required to be audited, as referred to in paragraph   230 - 255(2)(b); and

  (c)   the arrangement is one in relation to which you are required by:

  (i)   * accounting standard AASB 121 (or another accounting standard prescribed for the purposes of paragraph   230 - 265(1)(c)); or

  (ii)   if that standard does not apply to the preparation of the financial report--a comparable accounting standard that applies to the preparation of the financial report under a * foreign law;

    to recognise, in the financial reports referred to in paragraph   230 - 255(2)(a), amounts in profit or loss (if any) that are attributable to changes in currency exchange rates.

  (2)   The * foreign exchange retranslation election does not apply to an * arrangement for the purposes of this Subdivision if:

  (a)   the election is made by the * head company of a * consolidated group or * MEC group; and

  (b)   the election specifies that the election is not to apply to * financial arrangements in relation to * life insurance business carried on by a member of the consolidated group or MEC group; and

  (c)   the arrangement is one that relates to the life insurance business carried on by a member of the consolidated group or MEC group.

  (3)   The * foreign exchange retranslation election does not apply to an * arrangement for the purposes of this Subdivision if the arrangement is associated with a business of a kind specified in regulations made for the purposes of subsection   230 - 270(4).


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