Published on 23 Oct 13
by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE
In a volatile exchange rate environment, it is important that taxpayers understand the complex rules governing the taxation of foreign exchange gains and losses. This paper provides an overview of the manner in which the disparate regimes in Division 230 (TOFA), Division 775, the translation rules in Division 960 and “legacy” regimes interact. It also covers some practical case studies aimed at non-financial institution corporate taxpayers who may have:
- entered into financing arrangements in foreign currency;
- entered into foreign currency derivatives;
- made investments in foreign currency denominated assets;
- made outbound investments in foreign currency.
Abdol is Special Counsel in the Sydney office of Greenwoods & Herbert Smith Freehills. with over 16 years of tax experience. He advises on a wide range of corporate and trust tax issues, with a particular focus on the financial services, property and energy sectors, M&A transactions and corporate group restructures. Abdol's particular areas of expertise include international tax, the taxation of financial arrangements, and the tax consolidation regime.
- Current at
15 September 2014
Craig Marston, CTA, is a member of KPMG’s tax practice. Craig advises on a range of tax matters for various Australian listed and multinational groups. Craig’s experience includes working with several Australian banks and life/funds management groups, as well as various listed and foreign private property trusts. More recently Craig’s particular interest is working with “start-ups” to realise their international expansion ambition.
- Current at
09 July 2018