Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 775.35

Certain forex realisation losses are disregarded

             (1)  A * forex realisation loss you make as a result of forex realisation event 1, 2 or 5 is disregarded to the extent that it is made in gaining or producing * exempt income or * non-assessable non-exempt income.

             (2)  A * forex realisation loss you make as a result of forex realisation event 3, 4 or 6 is disregarded to the extent that:

                     (a)  it is made in gaining or producing * exempt income or * non-assessable non-exempt income; and

                     (b)  the obligation, or the part of the obligation, does not give rise to a deduction.



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