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

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Miscellaneous 2004

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