Document ID: chunk:federal_register_of_legislation:C2025C00029:section:6:p3
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 6 (pt 3/22)
Character Range: 6947971–6950613

and
                (b) forex realisation event 8 enables any gains or losses to be worked out on a retranslation basis.

Table of sections

Operative provisions
775‑270 You may choose retranslation for a qualifying forex account
775‑275 Withdrawal of choice
775‑280 Tax consequences of choosing retranslation for an account
775‑285 Retranslation of gains and losses relating to a qualifying forex account—forex realisation event 8

Operative provisions

775‑270  You may choose retranslation for a qualifying forex account
 (1) You may choose retranslation for a *qualifying forex account held by you.
 (1A) A choice under subsection (1) does not apply to a *qualifying forex account held by you if a *foreign exchange retranslation election by you is in effect in relation to the account under Subdivision 230‑D.
 (2) A choice must be in writing.
 (2A) If:
 (a) either:
 (i) you make a choice within 30 days after the commencement of the New Business Tax System (Taxation of Financial Arrangements) Act (No. 1) 2003; or
 (ii) you make a choice within 90 days after the commencement of Part 1 of Schedule 1 to the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009; and
 (b) the choice 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 on which the choice is made;
the choice is taken to have come into effect on the specified day.
 (3) A choice continues in effect until:
 (a) you cease to hold the account; or
 (b) the account ceases to be a *qualifying forex account; or
 (c) a withdrawal of the choice takes effect;
whichever happens first.
Note: For withdrawal of choice, see section 775‑275.

775‑275  Withdrawal of choice
 (1) If you have made a choice for retranslation for a *qualifying forex account held by you, you may withdraw your choice.
 (2) A withdrawal must be in writing.
 (3) Withdrawing a choice does not prevent you from making a fresh choice under section 775‑270.

775‑280  Tax consequences of choosing retranslation for an account
 (1) A *forex realisation gain or *forex realisation loss you make as a result of forex realisation event 2 or 4 is disregarded if:
 (a) the event happens in relation to a *qualifying forex account that you hold; and
 (b) you have made a choice for retranslation for the account; and
 (c) the choice is in effect when the event happens.
 (2) If:
 (a) CGT event C1 or C2 happens in relation to a *qualifying forex account that you hold at the time of the event; and
 (b) you have made a choice for retranslation for the account; and
 (c) the choice is