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INCOME TAX ASSESSMENT ACT 1997 - SECT 775.160 Exception--event happens before the applicable commencement date

INCOME TAX ASSESSMENT ACT 1997 - SECT 775.160

Exception--event happens before the applicable commencement date

  (1)   A * forex realisation gain or * forex realisation loss you make as a result of forex realisation event 1, 2, 3, 4 or 5 is disregarded if the event happened before the applicable commencement date.

Note:   For applicable commencement date , see section   775 - 155.

  (2)   Subsection   (1) does not apply if:

  (a)   you have made an election under section   775 - 150; and

  (b)   the Commissioner is satisfied that the event happened under, or as a result of, an * arrangement that was entered into or carried out for the purpose, or for purposes that included the purpose, of obtaining the benefit of the operation of subsection   (1).

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