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Lost in translation: Forex case studies paper

Published on 14 Aug 09

Tax practitioners are constantly facing questions regarding the tax treatment of foreign exchange gains and losses. Despite considerable reform in 2003 the foreign exchange rules still remain a mystery to many advisers. This paper considers, through a series of case studies, commonly encountered problem areas concerning foreign exchange gains and losses. Topics covered include:

  • tax v accounting
  • pre-Division 775 transactions
  • announced but unenacted changes
  • issues with bank accounts
  • impact of TOFA.

Author profiles

Erin Gordon
Erin joined the Australian Taxation Office in February 2007 as a graduate and is now a Senior Technical Adviser in the Tax Counsel Network (part of the Law and Practice Group). Erin provides interpretative advice and support to other areas of the office on a range of revenue law matters. However, he specialises in the taxation of foreign exchange gains and losses and has worked closely with Treasury developing new measures and amendments in this area of the law. - Current at 16 March 2016
Walter Gianotti CTA
Walter Gianotti, CTA, is a Tax Counsel at the Australian Taxation Office in Perth. He has over 30 years experience in tax, predominantly in corporate transactions with a particular focus on mergers and acquisitions, capital management and banking and finance issues. Walter is currently a State Councillor with The Tax Institute’s WA Division, as well as being chair of the WA Division’s Membership Committee and a member of The Tax Institute’s National Membership Committee. - Current at 26 March 2018

 

This was presented at 2009 WA State Convention: The Road to Success .

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Individual sessions

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Lost in translation: foreign exchange gains and losses

Author(s):  Erin GORDON,  Walter GIANOTTI

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