• Specific Year
    Any

INCOME TAX ASSESSMENT ACT 1936 - SECT 160ZZZF Notional foreign exchange transactions between branch and bank

INCOME TAX ASSESSMENT ACT 1936 - SECT 160ZZZF

Notional foreign exchange transactions between branch and bank

    If the accounting records of an Australian branch of a foreign bank reflect a foreign exchange transaction notionally entered into by the branch with the bank:

  (a)   the notional transaction is taken to be a transaction entered into by the branch with the bank; and

  (b)   any amount entered in the branch's accounting records as a payment or receipt in respect of the notional transaction is taken, for the purposes of this Act, to be an amount paid or received by the branch, as the case may be, in respect of the foreign exchange transaction when the amount was so entered.

Download

No downloadable files available