Published on 17 Mar 06
by THE TAX INSTITUTE
A joint professional body submission on the draft tax determination TD 2006/D9 - income tax: foreign currency gains and losses: if a forex realisation gain is made under section 775-55 of the Income Tax Assessment Act 1997 upon payment for the acquisition of foreign currency denominated trading stock, is that gain 'ordinary income' as defined in section 6-10 of the Income Tax Assessment Act 1997 for the purposes of subsection 45-120(1) of Schedule 1 to the Taxation Administration Act 1953?
NATIONAL INSTITUTE OF ACCOUNTANTS
TAXATION INSTITUTE OF AUSTRALIA