Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 960.55

  (1)   Section   960 - 50 applies to:

  (a)   a transaction, event or thing that:

  (i)   involves an amount in a * foreign currency; and

  (ii)   occurs on or after the applicable commencement date (within the meaning of Division   775); or

  (b)   a transaction, event or thing that:

  (i)   involves an amount in a foreign currency; and

  (ii)   occurs before the applicable commencement date (within the meaning of Division   775);

    to the extent to which the transaction, event or thing is relevant for the purposes of Division   775; or

  (c)   an amount that Division   12 of Part   2 - 5 in Schedule   1 to the Taxation Administration Act 1953 requires to be withheld from a payment, if the time when the amount is required to be withheld occurs on or after 1   July 2003; or

  (d)   a payment that Part   5 - 30 in Schedule   1 to the Taxation Administration Act 1953 requires to be reported, if the amount is paid on or after 1   July 2003.

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

Exceptions

  (2)   Despite subsection   (1), section   960 - 50 does not apply to a transaction, event or thing that involves:

  (a)   an amount covered by subsection   775 - 165(1); or

  (b)   a right, or a part of a right, covered by subsection   775 - 165(2); or

  (c)   an obligation, or a part of an obligation, covered by subsection   775 - 165(4).

Note:   Subsections   775 - 165(1), (2) and (4) are transitional provisions relating to forex realisation events.