Document ID: chunk:federal_register_of_legislation:C2010C00611:clause:4_4:p1
Version: federal_register_of_legislation:C2010C00611
Segment Type: clause
Provision Reference: sch 4 cl 4 (pt 1/11)
Character Range: 94927–97957

4                                                                you make a *forex realisation loss as a result of forex realisation event 4, and:                                                                                                                                                 (a) the forex realisation loss is not deductible under section 775‑30; and
                                                                 (a) the obligation to pay *foreign currency was incurred as a project amount; and                                                                                                                                                 (b) the pool value of the project pool for the income year in which you incurred the project amount is increased by an amount equal to the forex realisation loss.
                                                                 (b) the foreign currency became due for payment within 12 months after the time when you incurred the project amount

 (2) To the extent that:
 (a) section 775‑30 would have allowed you a deduction for a *forex realisation loss if this section had not been enacted; and
 (b) apart from this subsection, another provision of this Act would allow you a deduction for the loss;
you cannot deduct the loss under that other provision.

775‑80  You may choose not to have sections 775‑70 and 775‑75 apply to you

 (1) You may choose not to have sections 775‑70 and 775‑75 apply to you.

 (2) A choice must be in writing.

 (3) A choice must be made:
 (a) if you were in existence at the start of the applicable commencement date:
 (i) within 90 days after the applicable commencement date; or
 (ii) within 30 days after the commencement of this subsection; or
 (b) if you came into existence within 90 days after the start of the applicable commencement date:
 (i) within 90 days after you came into existence; or
 (ii) within 30 days after the commencement of this subsection; or
 (c) if the Commissioner allows a longer period—within that longer period.

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

 (4) A choice has effect from the start of the applicable commencement date.

 (5) A choice may not be revoked.

775‑85  Forex cost base of a right to receive foreign currency

  The forex cost base of a right, or a part of a right, to receive *foreign currency is the total of:
 (a) the money you:
 (i) paid; or
 (ii) are required to pay; or
 (iii) would be required to pay in the event of the exercise of an option;
  in respect of acquiring the right or part of the right; and
 (b) the *market value of any *non‑cash benefit you:
 (i) provided; or
 (ii) are required to provide; or
 (iii) would be required to provide in the event of the exercise of an option;
  in respect of acquiring the right or part of the right;
reduced by any amounts that are deductible under a provision of this Act other than this Division.

775‑90  Forex entitlement base of a right to pay foreign currency

  The forex entitlement base of a right,