you have an existing loan that is extended by either a new contract, or a variation of the existing contract, the measures will apply after the extension. If a gain or loss is brought to tax both under Division 775 and under another provision of the tax law, it is respectively assessable or deductible only under these measures. The measures generally apply prospectively to the realisation of assets, rights and obligations acquired or assumed on or after the applicable commencement date.
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It sells trading stock to overseas buyers in a foreign currency. For the short-term rules to apply, the due date for payment must be within 12 months of acquiring forex beginner or disposing of the asset. CG78315, foreign currency: personal expenditure of individuals. As the beginning of its income year is, the new forex measures will not apply to its foreign currency dealings until As an early balancer, this is the first day of ABC Pty Ltd's income year. It should be noted that these gains or losses represent a mark to market calculation (i.e., as if all non-Base Currency balances had been closed out at the end of day exchange rate) and the actual gain or loss, if any, can not be determined.
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