Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 104.265

  (1)   CGT event K11 happens if:

  (a)   you make a * forex realisation loss as a result of forex realisation event 2; and

  (b)   item   1 of the table in subsection   775 - 75(1) applies.

  (2)   The time of the event is when the forex realisation event happens.

  (3)   You make a capital loss equal to the * forex realisation loss.

Note:   You cannot make a capital gain under CGT event K11 . However, if you make a forex realisation gain covered by item   1 of the table in subsection   775 - 70(1), you will make a capital gain under CGT event K10 ( see section   104 - 260).