Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 775.145

  (1)   Forex realisation event 1, 2 or 4 applies in relation to:

  (a)   * foreign currency; or

  (b)   a fungible right, or a part of a fungible right, to receive foreign currency; or

  (c)   a fungible obligation, or a part of a fungible obligation, to pay foreign currency;

on a first - in first - out basis.

  (2)   The regulations may provide that any or all of forex realisation events 1, 2 and 4 apply, or apply in specified circumstances, to:

  (a)   * foreign currency; or

  (b)   a fungible right, or a part of a fungible right, to receive foreign currency; or

  (c)   a fungible obligation, or a part of a fungible obligation, to pay foreign currency;

on a weighted average basis (despite subsection   (1)).

  (3)   The circumstances that may be specified for the purposes of subsection   (2) include the circumstance that you have made an election to use a weighted average basis.

  (4)   Subsection   (3) does not limit subsection   (2).