Income tax: does Division 3B of Part III of the Income Tax Assessment Act 1936 (Division 3B) apply to ordinary shares denominated in foreign currency?

TD 94/88 outlines in what circumstances a taxpayer realises a currency exchange gain or loss in the context of transactions involving shares denominated in a foreign currency, and whether Division 3B of Part III of the Income Tax Assessment Act 1936 would apply.

Division 3B has been repealed. Division 775 of the Income Tax Assessment Act 1997 (ITAA 1997) now contains measures that relate to the recognition and treatment of foreign currency gains and losses, and applies from 1 July 2003 for most taxpayers (or as otherwise specified in section 775-155 of the ITAA 1997).

TD 94/88 has no ongoing relevance and is therefore withdrawn without replacement.