Miscellaneous 2004

Q&A: Taxation of Foreign Exchange Gains and Losses - The New Rules Part I

Source: Taxation In Australia Journal Article

Published Date: 1 Feb 2004

 
The recognition of foreign exchange gains and losses has long been a murky issue in the tax return checklists of practitioners. Not only have there been issues of when is the appropriate time to recognise such a gain or loss, but also the question of whether the gain or loss should be on revenue or capital account.

In an attempt to clarify the law, discrete provisions have been added to the tax legislation.

In this article, we summarise the basic rules of forex recognition. Part 2 of this series, published in the March 2004 edition of Taxation in Australia, examines some of the variations, concessions and transitional rules that have been introduced.

Author Profile
Andy Milidoni

Author Profile
Michael Parker CTA

Sorry, this is subscriber only content.

To gain access to this material and much more - Subscribe Now.

(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).

Already a Subscriber? Login now

Details

The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.

Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

The Tax Institute
(ABN 45 008 392 372 (PRV14016))

("TTI")

The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009. 

Copyright Statement

All materials provided on this site are protected by copyright and are owned by or licensed to TTI.

Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.

Tags

Miscellaneous 2004

Share this page