The following examples illustrate the application of the specific rules to: The event happens when you cease to have the obligation - commonly when an obligation to receive foreign currency is satisfied by the actual receipt of that currency. This residual rule prescribes that you are to apply the forex realisation event that is most appropriate and ignore any remaining events. Just as each meeting within a company has a purpose, the same can be said for organized events, with lectures and seminars or workshops — a growing part of ways that people use these mediums to communicate their respective fields of interest to potentially interested audiences. Meeting over drinks or dinner is a fairly standard way of solidifying or vetting a deal after meeting formally whether the deal starts in the office, on the phone or via email, the human real-life interaction still remains the most powerful, to put a face behind a voice or a picture behind a name.
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Reporting for Forex Magnates, we had a chance to interview several executives from both established and newly launched brokerage service providers in the Foreign exchange industry during our trip to Switzerland which concluded today.
Join the Leading Industry Event! The interviews with Mr. Hen and other invited guests from Forex companies were conducted one by one on Dukascopy TV- and are expected to be broadcasted in the coming days ahead, with participants sharing their views in response to questions we asked revolving around Foreign Exchange during the sessions.
The company has invested several million dollars in its studio alone as explained to us by people close to the project at the company, and the cost to operate the production, including teams in Geneva and Latvia, is part of a large offering that brokers can get outsourced rather than having to dedicate the human capital and resources including time to create their own production studio.
Thus using an advanced setup of professional TV quality could provide a value-add as people look for different forms of content to consume relevant to the financial markets, and the quality which could be an appealing factor. The invitation to Switzerland coincided with our reporters attending the Geneva Forex Event yesterday, a monthly networking gathering that brings professionals from around Geneva to gather in one place in formal attire and sipping fine champagne to share the latest scoops and rumors among themselves, in the setting of a 5-star luxury hotel.
Geneva remains a major financial hub within Europe. Accordingly, Geneva attracts corporations from around the world looking to establish presence in the prestigious municipality of only , inhabitants, in addition to other key regions like the capital Bern and Zurich, as the credibility and legal structure of Switzerland come to mind, and thus a reason for the large number of business professionals there — especially in banking.
The Forex Geneva Event is attended by people not only from the FX world but also by people who have no direct role in financial services — let alone Forex, but rather come to network with other locals and share scoops and rumors on the latest developments in town. While the online world of social networking has emerged to be a new dimension for many of us , following the advent of Facebook and LinkedIn, meeting face-to-face remains paramount for many and clearly a more important function — when time can permit.
For the sake of time, having access to both is essential as often emails and networking through apps such as LinkedIn or the recently launched Mingler, and business networking apps like these — can be a great tool for making virtual business connections either before or after meeting in person — or just while building your network. Dukascopy has already been organizing these events for several years holding them once a month, the one that took place last night having been one of the largest and most successful, with over attendees.
This recent success was highlighted with sponsors such as Salvatore Ferragamo and high-end watch designers like Corum, as well as jewelry makers, all helping to sponsor the event. As Geneva provides some of the finest luxuries like fine watches and chocolate, as well as 5-star deluxe hotels, this upscale quality appeals to certain markets such as the fashion industry whose target client audience could share characteristics found within audiences forex brokers look for such as wealthier clients, or more sophisticated, or those concerned about status or quality — versus shopping for a broker purely on price without regard to the relationship benefits.
A key point that comes to mind is what do these brand names have to do with Forex? After all, every business professional who has worked in a financial services company would adhere to some degree of professional attire and a sense of style and fashion hopefully in order to dress to impress as opposed to wearing flip-flops and shorts to the office — as some might do. Therefore, there are parallels, however indirect they may be, that make sense to merge fashion and forex.
For this event a more precise description would be networking meetup for professionals, organized by a forex company, with fashion related events taking place in a cocktail party setting, of course this is just one way of looking at it. In other words, there were professionals from almost all industries. The crowd was indeed diverse given the nature of the event with local professionals from different sectors in attendance, which happened to include banking as part of its main focus.
The classes of right used to specify the tax recognition time correspond to the classes of right to which forex realisation event 2 applies. For example, in the case of a right received which represents ordinary or statutory income, the tax recognition time is the time when the income first becomes assessable. In the case of ordinary income, that time is the time of derivation. For statutory income, that time is when the requirement first arises to include the statutory income in assessable income.
You make a forex realisation loss to the extent that the value of the foreign currency you receive when the event happens is less than the amount you were entitled to receive, measured at the tax recognition time, because of a currency exchange rate effect.
You can also make a loss if you have paid for an option entitling you to receive foreign currency, and that option is not exercised. The amount of the loss is the amount paid for the option. A currency exchange rate effect occurs when either currency exchange rates fluctuate, or when an agreed exchange rate differs from an actual exchange rate.
An obligation to receive foreign currency includes an obligation to receive an amount of Australian currency that is calculated by reference to an exchange rate. The term 'obligation' includes an obligation that is contingent upon something happening.
The event happens when you cease to have the obligation - commonly when an obligation to receive foreign currency is satisfied by the actual receipt of that currency. Broadly, you make a forex realisation gain to the extent that the value of the foreign currency bought exceeds the amounts expended to acquire it because of a currency exchange rate effect. Generally, the amounts expended to acquire the foreign currency are referred to as the net costs of assuming the obligation. In the case of an option issued by you that is not ultimately exercised, the gain is the amount you received for issuing the option.
For most taxpayers, the values of the foreign exchange at the relevant times will be measured in Australian dollars. The net costs of assuming the obligation are, broadly speaking, any consideration you must provide to fulfil the obligation, less any consideration received for assuming the obligation that has not already been brought to account as assessable income. The value of the consideration to be provided by you to fulfil the obligation is measured at the time you receive an amount in satisfaction of the obligation.
Broadly, you make a forex realisation loss to the extent that the value of the foreign currency bought is less than the amount expended to acquire it because of a currency exchange rate effect. The amounts expended the net costs of assuming the obligation are calculated as for forex realisation gains. An obligation to pay foreign currency includes an obligation to pay an amount of Australian currency that is calculated by reference to an exchange rate.
The event happens when you cease to have the obligation, or part of the obligation - commonly when you actually make the payment of foreign currency. You make a forex realisation gain if the amount paid to meet the obligation is less than the proceeds of assuming the obligation, measured at the tax recognition time.
You also make a forex realisation gain if you receive a payment in return for granting another party an option obliging them to sell foreign currency, and that option is not exercised. The proceeds of assuming the obligation are, broadly, the consideration you are entitled to receive in return for incurring the obligation, less any amounts already brought to account as assessable income.
The measures specify when the proceeds of assuming the obligation are to be measured. The specified time when the proceeds of assuming the obligation are to be measured depends on the particular type of obligation. For example, if the obligation relates to an expense that is deductible, the tax recognition time is when the expense is incurred. You make a forex realisation loss if the amount paid to satisfy the obligation is more than the proceeds of assuming the obligation, measured at the tax recognition time.
This is to the extent that the loss is due to a currency exchange rate effect. A currency exchange rate effect occurs either when currency exchange rates fluctuate, or when an agreed exchange rate differs from an actual exchange rate. A right to pay foreign currency includes a right to pay an amount of Australian currency that is calculated by reference to an exchange rate.