Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p4
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 4/11)
Character Range: 6903795–6906400

to have received the amount as soon as it is applied or dealt with.
Note: The set‑off of an obligation to pay an amount against a right to receive an amount is an example of how this section would operate.

775‑115  Economic set‑off to be treated as legal set‑off
  If the economic effect of an *arrangement is to provide for the set‑off, in whole or in part, of one or more amounts against one or more other amounts, this Subdivision applies as if:
 (a) the parties to the arrangement had the respective rights and obligations that they would have had if the provision for economic set‑off were structured as a provision for legal set‑off of rights and obligations; and
 (b) if the economic set‑off happens—the parties were taken, under section 775‑110, to have paid and received the respective amounts that they would have paid and received if the economic set‑off were structured as a legal set‑off of rights and obligations.

775‑120  Non‑arm's length transactions
  If:
 (a) you and another entity did not deal with each other at *arm's length in connection with a transaction that is relevant to working out:
 (i) whether you make a *forex realisation gain or a *forex realisation loss; or
 (ii) the amount of any *forex realisation gain or a *forex realisation loss made by you; and
 (b) apart from this section, a particular amount is more or less than it would have been if you and the other entity had been dealing with each other at arm's length;
this Subdivision applies to you as if that amount were the amount it would have been if you and the other entity had been dealing with each other at arm's length.

775‑125  CGT consequences of the acquisition of foreign currency as a result of forex realisation event 2 or 3
  If you acquire *foreign currency as a result of forex realisation event 2 or 3:
 (a) the first element of the foreign currency's *cost base is replaced by the foreign currency's *market value at the time you received the foreign currency; and
 (b) the first element of the foreign currency's *reduced cost base is replaced by the foreign currency's market value at the time you received the foreign currency.

775‑130  Certain deductions not allowable
  If:
 (a) an amount is included in your assessable income under this Division; and
 (b) if this Division had not been enacted, the amount would not have been included in your assessable income under any other provision of this Act (other than Division 102); and
 (c) if this section had not been enacted, a deduction would be allowable to you under a provision listed in the table in subsection 51AAA(2) of the Income