INCOME TAX ASSESSMENT ACT 1997 - SECT 775.260 Modification of tax recognition time

INCOME TAX ASSESSMENT ACT 1997 - SECT 775.260

Forex realisation event 2

  (1)   If:

  (a)   forex realisation event 2 happens in relation to a * qualifying forex account that:

  (i)   you hold at the time of the event; and

  (ii)   does not pass the limited balance test at the time of the event; and

  (b)   apart from this subsection, the tax recognition time, worked out using the table in subsection   775 - 45(7), happened at a time when the account passed the limited balance test;

section   775 - 45 applies to you as if the tax recognition time were the most recent time before the forex realisation event when the account ceased to pass the limited balance test (despite subsection   775 - 45(7)).

Forex realisation event 4

  (2)   If:

  (a)   forex realisation event 4 happens in relation to a * qualifying forex account that:

  (i)   you hold at the time of the event; and

  (ii)   does not pass the limited balance test at the time of the event; and

  (b)   apart from this subsection, the tax recognition time, worked out using the table in subsection   775 - 55(7), happened at a time when the account passed the limited balance test;

section   775 - 55 applies to you as if the tax recognition time were the most recent time before the forex realisation event when the account ceased to pass the limited balance test (despite subsection   775 - 55(7)).