Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p6
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 6/11)
Character Range: 6908664–6911450

currency and fungible rights and obligations
 (1) Forex realisation event 1, 2 or 4 applies in relation to:
 (a) *foreign currency; or
 (b) a fungible right, or a part of a fungible right, to receive foreign currency; or
 (c) a fungible obligation, or a part of a fungible obligation, to pay foreign currency;
on a first‑in first‑out basis.
 (2) The regulations may provide that any or all of forex realisation events 1, 2 and 4 apply, or apply in specified circumstances, to:
 (a) *foreign currency; or
 (b) a fungible right, or a part of a fungible right, to receive foreign currency; or
 (c) a fungible obligation, or a part of a fungible obligation, to pay foreign currency;
on a weighted average basis (despite subsection (1)).
 (3) The circumstances that may be specified for the purposes of subsection (2) include the circumstance that you have made an election to use a weighted average basis.
 (4) Subsection (3) does not limit subsection (2).

775‑150  Transitional election
 (1) You may elect to have this section apply to you.
Note: For the consequences of an election, see sections 775‑160 and 775‑165.
 (2) An election must be in writing.
 (3) An election must be made:
 (a) within 60 days after the applicable commencement date; or
 (b) within 30 days after the commencement of this subsection.
Note: For applicable commencement date, see section 775‑155.
 (4) An election may not be revoked.

775‑155  Applicable commencement date
  For the purposes of this Division, your applicable commencement date is:
 (a) the first day of the 2003‑04 income year; or
 (b) if that day is earlier than 1 July 2003—the first day of the 2004‑05 income year.

775‑160  Exception—event happens before the applicable commencement date
 (1) A *forex realisation gain or *forex realisation loss you make as a result of forex realisation event 1, 2, 3, 4 or 5 is disregarded if the event happened before the applicable commencement date.
Note: For applicable commencement date, see section 775‑155.
 (2) Subsection (1) does not apply if:
 (a) you have made an election under section 775‑150; and
 (b) the Commissioner is satisfied that the event happened under, or as a result of, an *arrangement that was entered into or carried out for the purpose, or for purposes that included the purpose, of obtaining the benefit of the operation of subsection (1).

775‑165  Exception—currency or right acquired, or obligation incurred, before the applicable commencement date

Exception—foreign currency acquired before the applicable commencement date
 (1) A *forex realisation gain or *forex realisation loss you make on the disposal of *foreign currency as a result of forex realisation event 1 is disregarded if:
 (a) the foreign currency was acquired before the applicable commencement date; and