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Taxation of foreign exchange gains and losses for corporates paper

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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.

Author profiles

Abdol Mostafavi CTA
Photo of author, Abdol MOSTAFAVI Abdol Mostafavi is a Partner in the Business Tax Services group at Deloitte, and is based in Sydney. Abdol has over 21 years of experience in corporate and international tax, having advised a wide range of multinational clients in the financial services, real estate, transport, infrastructure services, and utilities sectors. - Current at 10 June 2019
Click here to expand/collapse more articles by Abdol MOSTAFAVI.
Craig Marston CTA
Craig Marston, CTA, is a Tax Partner at KPMG focussing on funds management. He specialises in complex tax compliance and advisory matters relevant to the financial services industry. Craig has extensive experience advising banking, funds management, fin techs and other financial services groups regarding trust taxation issues, debt and equity capital raisings, international tax issues and tax compliance. - Current at 22 January 2024
Click here to expand/collapse more articles by Craig Marston.

 

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