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  Miscellaneous 2008

Foreign exchange transactions: Current issues, tips and traps

Source: The Tax Specialist Journal Article

Published Date: 1 Feb 2008

 
After a long and troubled past, legislative clarification of the taxation of foreign exchange gains and losses for all manner of transactions was sought to be achieved with the introduction of Div 775 of the Income Tax Assessment Act 1997. Despite now being a part of our tax landscape for more than four years, Div 775 still causes angst. This article examines how Div 775 and administrative practices in relation to it have developed during its life and identifies key practical issues that remain a concern for many practitioners, highlighting tips and traps along the way. It concludes by considering what changes may be on the horizon for this area and what lessons we can take to the future.
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