Page 64 - P6 Slide Taxation - Lecture Day 4
P. 64

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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