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INCOME TAX ASSESSMENT ACT 1997 - SECT 775.125 CGT consequences of the acquisition of foreign currency as a result of forex realisation event 2 or 3

INCOME TAX ASSESSMENT ACT 1997 - SECT 775.125

CGT consequences of the acquisition of foreign currency as a result of forex realisation event 2 or 3

    If you acquire * foreign currency as a result of forex realisation event 2 or 3:

  (a)   the first element of the foreign currency's * cost base is replaced by the foreign currency's * market value at the time you received the foreign currency; and

  (b)   the first element of the foreign currency's * reduced cost base is replaced by the foreign currency's market value at the time you received the foreign currency.

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