Skip to main content
shopping_cart

Your shopping cart is empty

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

Published on 01 Feb 04 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

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 profiles:

Author Photo - Michael PARKER
Michael PARKER
Michael is Partner at Hall & Wilcox, Lawyers. Michael's practice focuses on Capital Gains Tax, business sales, acquisitions & restructuring and business sales & acquisitions.
Current at 22 October 2007 Current at 02 November 2007 Click here to expand/collapse more articles by Michael PARKER.
 
Andy MILIDONI
Andy is a Solicitor at Hall & Wilcox Lawyers.
Current at March 2004 Current at 19 November 2004 Click here to expand/collapse more articles by Andy MILIDONI.
Copyright Statement