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Functional currency rules - extending the range of entities that can use a functional currency

 
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The government proposed in the Budget 2011-12 to allow certain trusts and partnerships that keep their accounts solely or predominantly in a particular foreign currency, to calculate their net income by reference to that currency.

This measure will take effect from the date of royal assent of the amending legislation.

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Refer to Budget Measures 2011-12

Last Modified: Friday, 27 May 2011
 
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