Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 775.35

  (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.