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INCOME TAX ASSESSMENT ACT 1997 - SECT 775.140 Obligation to pay or receive foreign currency

INCOME TAX ASSESSMENT ACT 1997 - SECT 775.140

Obligation to pay or receive foreign currency

Extended meaning of obligation to pay foreign currency

  (1)   For the purposes of this Division, an obligation to pay foreign currency includes an obligation to pay an amount calculated by reference to a currency exchange rate effect, even if that amount is not an amount of * foreign currency.

  (2)   To avoid doubt, for the purposes of this Division, an obligation to pay foreign currency includes an obligation to pay * foreign currency, where the obligation is subject to a contingency.

Extended meaning of obligation to receive foreign currency

  (3)   For the purposes of this Division, an obligation to receive foreign currency includes an obligation to receive an amount calculated by reference to a currency exchange rate effect, even if that amount is not an amount of * foreign currency.

  (4)   To avoid doubt, for the purposes of this Division, an obligation to receive foreign currency includes an obligation to receive * foreign currency, where the obligation is subject to a contingency.

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