Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 960.55

Application of translation rules

             (1)  Section 960-50 applies to:

                     (a)  a transaction, event or thing that:

                              (i)  involves an amount in a * foreign currency; and

                             (ii)  occurs on or after the applicable commencement date (within the meaning of Division 775); or

                     (b)  a transaction, event or thing that:

                              (i)  involves an amount in a foreign currency; and

                             (ii)  occurs before the applicable commencement date (within the meaning of Division 775);

                            to the extent to which the transaction, event or thing is relevant for the purposes of Division 775; or

                     (c)  an amount that Division 12 of Part 2-5 in Schedule 1 to the Taxation Administration Act 1953 requires to be withheld from a payment, if the time when the amount is required to be withheld occurs on or after 1 July 2003; or

                     (d)  a payment that Part 5-30 in Schedule 1 to the Taxation Administration Act 1953 requires to be reported, if the amount is paid on or after 1 July 2003.

Note:          For applicable commencement date , see section 775- 155.

Exceptions

             (2)  Despite subsection (1), section 960-50 does not apply to a transaction, event or thing that involves:

                     (a)  an amount covered by subsection 775-165(1); or

                     (b)  a right, or a part of a right, covered by subsection 775-165(2); or

                     (c)  an obligation, or a part of an obligation, covered by subsection 775-165(4).

Note:          Subsections 775-165(1), (2) and (4) are transitional provisions relating to forex realisation events.

Guide to Subdivision 960-D



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback