Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p3
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 3/11)
Character Range: 6901417–6904000

(i) are required to pay; or
 (ii) would be required to pay in the event of the exercise of an option;
  in respect of the fulfilment of the obligation or the part of the obligation; and
 (b) the *market value of any *non‑cash benefit you:
 (i) are required to provide; or
 (ii) would be required to provide in the event of the exercise of an option;
  in respect of the fulfilment of the obligation or the part of the obligation;
reduced by the amount worked out under subsection (2).
 (2) The amount worked out under this subsection is the total of:
 (a) the money you:
 (i) received; or
 (ii) are entitled to receive;
  because you incurred the obligation or the part of the obligation; and
 (b) the *market value of any *non‑cash benefit you:
 (i) received or obtained; or
 (ii) are entitled to receive or obtain;
  because you incurred the obligation or the part of the obligation;
reduced by any amounts that are included in assessable income under a provision of this Act other than this Division.
 (3) To avoid doubt, paragraphs (2)(a) and (b) do not apply to money or a *non‑cash benefit that you:
 (a) received or obtained; or
 (b) are entitled to receive or obtain;
because of the fulfilment of the obligation or the part of the obligation.

775‑105  Currency exchange rate effect
 (1) A currency exchange rate effect is:
 (a) any currency exchange rate fluctuations; or
 (b) a difference between:
 (i) an expressly or implicitly agreed currency exchange rate for a future date or time; and
 (ii) the applicable currency exchange rate at that date or time.
 (2) To work out whether there is a currency exchange rate effect and (if so), the extent of that effect, use whichever of the following translation rules is applicable to you:
 (a) the translation rules in section 960‑50 (the standard rules);
 (b) the translation rules in section 960‑80 (the functional currency rules).

775‑110  Constructive receipts and payments
  For the purposes of this Subdivision, if an entity (the payer) did not actually pay an amount to another entity (the recipient), but the amount was applied or dealt with in any way on the recipient's behalf or as the recipient directs (including by discharging all or a part of an obligation owed by the recipient), then:
 (a) the payer is taken to have paid the amount as soon as it is applied or dealt with; and
 (b) the recipient is taken to have received the amount as soon as it is applied or dealt with.
Note: The set‑off of an obligation to pay an amount against a right to receive an amount is an example of how this section would operate.