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EZ 75: Consideration for property or services: IFRS foreign ASAPs before 2014–15 income year
or “How to handle certain foreign financial arrangements before 2014-2015 tax year”
You could also call this:

“Rules for valuing certain foreign financial agreements before 2014-15”

This law applies to you if you don’t use IFRSs (International Financial Reporting Standards) for your financial statements and reports. It’s about a special kind of financial arrangement called a foreign ASAP (Agreement for Sale and Purchase).

If you have a foreign ASAP that started before the end of the 2013-14 tax year, and you’ve been reporting it a certain way in your tax returns, you can keep doing it that way. You can treat the rules about valuing property or services in these arrangements as if they applied to your foreign ASAP for the 2013-14 tax year and earlier years.

You can use these rules even though they weren’t officially in force then. But there’s one rule about foreign exchange hedges that you can’t use.

This helps you keep your tax reporting consistent, even though the rules changed. It’s like being allowed to follow the old rules for a while, even after new ones came in.

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Next up: EZ 77: Substituting debentures repeal: transitional rules

or “Rules for handling old substituting debentures after law change”
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Part E Timing and quantifying rules
Terminating provisions: Entry to new life insurance regime: transitional and miscellaneous provisions

EZ 76Consideration for property or services: non-IFRS foreign ASAPs before 2014–15 income year

  1. This section applies when a person does not use IFRSs to prepare financial statements and to report for financial arrangements, and—

  2. the person has a financial arrangement that is a foreign ASAP (the financial arrangement) for which section EW 32 (Consideration for agreement for sale and purchase (ASAP) of property or services, hire purchase agreement, specified option, or finance lease) applies to value the relevant property or services; and
    1. the person enters into the financial arrangement before the end of the 2013–14 income year; and
      1. for the financial arrangement, the person has filed returns of income in accordance with this section for the 2013–14 income year and every earlier income year.

        1. The person, applying sections 81 and 82 of the Taxation (Annual Rates, Employee Allowances, and Remedial Matters) Act 2014 as if in force, may treat sections EW 32 and EW 33C (which relate to certain financial arrangements) as applying to the financial arrangement for the 2013–14 income year and every earlier income year. Section EW 33B (Foreign ASAPs: designated FX hedges) is excluded.

        Notes
        • Section EZ 76: inserted (with effect on 1 April 2008), on , by section 100 of the Taxation (Annual Rates, Employee Allowances, and Remedial Matters) Act 2014 (2014 No 39).
        • Section EZ 76(1)(a): amended, on , by section 160 of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).