1606 NEW ZEALAND GAZETTE, No. 68 10 JUNE 2004

(c) a financial arrangement denominated in a currency where the forward rates of the currency cannot be determined;

(d) any financial arrangements covered by the following determinations:

Determination G14: Forward Contracts for Foreign Exchange and Commodities;

Determination G19: Exchange Traded Option Contracts;

Determination G20: Discounted Value of Amounts Payable in Relation to Trade Credits Denominated in a Foreign Currency;

Determination G21: Discounted Value of Amounts Payable in Relation to Deferred Property Settlements Denominated in a Foreign Currency;

Determination G21A: Agreements for Sale and Purchase of Property Denominated in Foreign Currency: Discounted Value of Amounts Payable;

Determination G27: Swaps;

Determination G29: Agreements for Sale and Purchase of Property Denominated in Foreign Currency: Exchange Rate to Determine the Acquisition Price and Method for Spreading Income and Expenditure;

except as specifically allowed by those determinations.

(3) You must use this determination for an income year for a financial arrangement that satisfies subparagraphs (1) and (2) above if:

(a) the income year is the 2003-04 income year and:

(i) you are not a member of a group of companies and make an election, as described in subparagraph (4) below, that applies for the 2003-04 income year;

(ii) you are a member of a group of companies that makes an election, as described in subparagraph (4) below, that applies for the 2003-04 income year;

(b) the income year is after the 2003-04 income year and:

(i) you are not a member of a group of companies and make an election, as described in subparagraph (4) below, that applies for the income year;

(ii) you are a member of a group of companies that makes an election, as described in subparagraph (4) below, that applies for the income year;

(iii) you entered the financial arrangement after the date of this determination and have been required to use this determination, Determination G9B or Determination G14A for an earlier income year;

(iv) you entered the financial arrangement before the date of this determination and have used Determination G9B for an earlier income year and the financial arrangement and are not excluded from the application of this determination for the income year and the financial arrangement by section 90 (6) or 90AE of the Tax Administration Act 1994.

(4) An election to use this determination must:

(a) be made in writing to the Commissioner; and

(b) include an election to use Determination G14B: Forward contracts for foreign exchange and commodities: an expected value approach; and

(c) if you are not a member of a group of companies, be made:

(i) on or before the day that is the earlier of 31 July 2004 and the end of your accounting period that corresponds to the 2003-04 income year, if the election is to apply for the 2003-04 and subsequent income years;

(ii) on or before the day that is the later of 31 July 2004 and the 63rd day of your accounting period that corresponds to the 2004-05 income year, if the election is to apply for the 2004-05 and subsequent income years;

(iii) on or before the day that is the 63rd day of your accounting period that corresponds to the income year, if the election is to apply for an income year that is after the 2004-05 income year and for subsequent income years; and

(d) if you are a member of a group of companies, be made by all the members of the group and:

(i) on or before the day that is the earlier of 31 July 2004 and the earliest day that is the end of an accounting period that corresponds to the 2003-04 income year for a member of the group, if the election is to apply for the 2003-04 and subsequent income years;

(ii) on or before the day that is the later of 31 July 2004 and the earliest day that is the 63rd day of an accounting period that corresponds to the 2004-05 income year for a member of the group, if the election is to apply for the 2004-05 and subsequent income years;

(iii) on or before the earliest day that is the 63rd day of an accounting period that corresponds to the income year for a member of the group, if the election is to apply for an income year that is after the 2004-05 income year and for subsequent income years.

(5) If you must use this determination, you may not use:

(a) Determination G9A: Financial Arrangements that are Denominated in a Currency or Commodity other than New Zealand Dollars to calculate gross income or expenditure of any financial arrangement that is within subparagraphs (1) and (2) above;

(b) Determination G14: Forward Contracts for Foreign Exchange and Commodities to calculate gross income or expenditure of any forward contract that is within the scope of Determination G14B: Forward contracts for foreign exchange and commodities: an expected value approach.

Note: A determination to which Determination G9C refers may be changed or rescinded by a new determination made by the Commissioner. In such a case, a reference to the old determination is extended to the new determination.

4. Principle—(1) If you are a party to a financial arrangement to which this determination applies, the gross income or expenditure in respect of the financial arrangement is calculated by taking into account all amounts arising from the fluctuations of exchange rates or commodity prices.