Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3
Character Range: 6843694–6846448

3                                                                forex realisation event 4                                         an obligation, or a part of an obligation, you incurred in return for the acquisition of a *CGT asset                                                                                     a gain or loss that would result from the occurrence of a *realisation event in relation to the CGT asset would be taken into account for the purposes of Part 3‑1 or 3‑3

Note: Parts 3‑1 and 3‑3 deal with capital gains and losses.
 (3) Section 775‑70 provides for additional exceptions.
Note: Section 775‑70 is about the tax consequences of certain short‑term forex realisation gains.

No double taxation
 (4) To the extent that a *forex realisation gain would be included in your assessable income under this section and another provision of this Act, the gain is only included in your assessable income under this section.
Note: Under section 230‑20, foreign exchange gains from a Division 230 financial arrangement are dealt with under Division 230 and not under this Division.

775‑20  Certain forex realisation gains are exempt income
  A *forex realisation gain you make is *exempt income to the extent that, if it had been a *forex realisation loss, it would have been made in gaining or producing exempt income.

775‑25  Certain forex realisation gains are non‑assessable non‑exempt income
  A *forex realisation gain you make is *non‑assessable non‑exempt income to the extent that, if it had been a *forex realisation loss, it would have been made in gaining or producing non‑assessable non‑exempt income.

775‑27  Certain forex realisation gains are non‑assessable non‑exempt income
  Sections 775‑20 and 775‑25 apply to a *forex realisation gain only if, had it been a *forex realisation loss, it would have been disregarded under section 775‑35.

775‑30  Forex realisation losses are deductible

Basic rule
 (1) You can deduct from your assessable income for an income year a *forex realisation loss that you make as a result of a *forex realisation event that happens during that year.

Exceptions
 (2) However, you cannot deduct a *forex realisation loss under this section to the extent that it:
 (a) is a loss of a private or domestic nature; and
 (b) is not covered by an item of the table:

Forex realisation losses to which this subsection does not apply
Item                                                              You make the forex realisation loss as a result of this event...  happening to...                                                                                                                                                                           and the following condition is satisfied...