INCOME TAX ASSESSMENT ACT 1997 - SECT 230.275 Balancing adjustment for election in relation to qualifying forex accounts
INCOME TAX ASSESSMENT ACT 1997 - SECT 230.275
Balancing adjustment for election in relation to qualifying forex accounts(1) If you make a * foreign exchange retranslation election under subsection 230 - 255(3) in relation to a * financial arrangement after you start to have the arrangement, you must make a balancing adjustment under subsection (2).
(2) The balancing adjustment under this subsection is the
balancing adjustment you would make under Subdivision 230 - G if you
ceased to have the arrangement for its fair value at the time when the
election started to apply to the arrangement (but only to the extent to which
the balancing adjustment is reasonably attributable to a * currency exchange
rate effect).