Document ID: chunk:federal_register_of_legislation:C2010C00611:clause:4_4:p4
Version: federal_register_of_legislation:C2010C00611
Segment Type: clause
Provision Reference: sch 4 cl 4 (pt 4/6)
Character Range: 133016–135761

if the tax recognition time for the obligation, or the part of the obligation, were the time of forex realisation event 7 (despite subsection 775‑55(7)).

Material variation

 (7) To avoid doubt, if a variation to:
 (a) the terms or conditions of a facility agreement; or
 (b) the effect of a facility agreement;
results in the agreement ceasing to be a facility agreement, the variation is taken to be a material variation for the purposes of subsection (1).

 (8) The regulations may provide that a specified kind of variation is taken to be a material variation for the purposes of subsection (1).

Total amount

 (9) To avoid doubt, the total amount referred to in paragraph (3)(b) or (4)(b) may be zero.

Subdivision 775‑D—Qualifying forex accounts that pass the limited balance test

Guide to Subdivision 775‑D

775‑225  What this Subdivision is about

      You may elect to have this Subdivision apply to one or more qualifying forex accounts held by you.
      If you elect to have this Subdivision apply to an account, a forex realisation gain or a forex realisation loss you make in relation to the account as a result of forex realisation event 2 or 4 is disregarded if the account passes the limited balance test.
      For an account to pass the limited balance test, the combined balance of all the accounts covered by your election must not be more than the foreign currency equivalent of $250,000.
      The limited balance test includes a buffer provision which allows the combined balance to be more than the foreign currency equivalent of $250,000, but not more than the foreign currency equivalent of $500,000, for not more than 2 15‑day periods in any income year.

Table of sections

Operative provisions

775‑230 Election to have this Subdivision apply to one or more qualifying forex accounts
775‑235 Variation of election
775‑240 Withdrawal of election
775‑245 When does a qualifying forex account pass the limited balance test?
775‑250 Tax consequences of passing the limited balance test
775‑255 Notional realisation when qualifying forex account starts to pass the limited balance test
775‑260 Modification of tax recognition time

[This is the end of the Guide.]

Operative provisions

775‑230  Election to have this Subdivision apply to one or more qualifying forex accounts

 (1) You may elect to have this Subdivision apply to one or more *qualifying forex accounts held by you.

 (2) An election must be in writing.

 (2A) If:
 (a) you make an election within 30 days after the commencement of this subsection; and
 (b) the election is expressed to have come into effect on a specified day; and
 (c) the specified day is included in the period:
 (i) beginning on 1 July 2003; and
 (ii) ending on the day