Document ID: chunk:federal_register_of_legislation:C2010C00611:clause:4_6:p3
Version: federal_register_of_legislation:C2010C00611
Segment Type: clause
Provision Reference: sch 4 cl 6 (pt 3/5)
Character Range: 146748–149425

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

[This is the end of the Guide.]

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.

 (2) A choice must be in writing.

 (2A) If:
 (a) you make a choice within 30 days after the commencement of this subsection; 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 in effect when the event happens;
disregard so much of any *capital gain or *capital loss you make as a result of the event as is attributable to a *currency exchange rate effect.

Note: For currency exchange rate effect, see section 775‑105.

775‑285  Retranslation of gains and losses relating to a qualifying forex account—forex realisation event 8

Forex realisation event 8

 (1) Forex realisation event 8 happens if:
 (a) you have