INCOME TAX ASSESSMENT ACT 1997 - SECT 775.105 Currency exchange rate effect

INCOME TAX ASSESSMENT ACT 1997 - SECT 775.105

  (1)   A currency exchange rate effect is:

  (a)   any currency exchange rate fluctuations; or

  (b)   a difference between:

  (i)   an expressly or implicitly agreed currency exchange rate for a future date or time; and

  (ii)   the applicable currency exchange rate at that date or time.

  (2)   To work out whether there is a currency exchange rate effect and (if so), the extent of that effect, use whichever of the following translation rules is applicable to you:

  (a)   the translation rules in section   960 - 50 (the standard rules);

  (b)   the translation rules in section   960 - 80 (the functional currency rules).