Published on 18 Nov 05
by THE TAX INSTITUTE
A joint professional body submission in relation to the draft tax determination TD 2005/D49 Income tax: foreign currency gains and losses: where an amount of exempt income is paid directly into a foreign currency denominated bank account, will subsection 775-35(1) of th Income tax Assessment Act 1997 operate to disregard any forex realisation loss made on withdrawal of that amount?
NATIONAL INSTITUTE OF ACCOUNTANTS
TAXATION INSTITUTE OF AUSTRALIA