Page 3 - P6 Slide Taxation - Lecture Day 5 - Foreign Exchange
P. 3

Section 24I                                               “I” = “International transactions”






                                                   Purpose of s 24I?


    - Governs the treatment of
       foreign exchange gains and losses ?





        regarding             foreign exchange                      ?



        Relating to             exchange items                      ?







     - All gains and losses on foreign exchange transactions must


        be included in taxable income...

        irrespective of whether it is realised or not and


        irrespective of whether it is of a capital nature or not [s 24I(3)].

         How is the following regulated:


         • Premium on FCOC?                                        → s 24I(3)(b) or s 24I(7)(c)


         • Premium on FEC?                                         → s 11(a)
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