On 31 October 2014, the ATO released ATO ID 2014/32 – Is a term deposit a qualifying forex account?
[FJM note: “No”. A term deposit is not a qualifying forex account for the purposes of Division 775 of the ITAA 1997. A ‘qualifying forex account’ means an account that is denominated in a particular foreign currency and either has the primary purpose of facilitating transactions or is a credit card account (subsection 995-1(1) of the ITAA 1997).]
[LTN 212, 3/11/14]