Documenting your choice to use a non-Australian dollar applicable functional currency
When making your written choice to use a non-Australian dollar currency as your applicable functional currency, include all of the following:
- the name and tax file number of the entity making the choice
- the use to which the functional currency is being put – for example, to work out taxable income or tax loss
- the date the choice takes effect
- the unit of account that the entity intends to use as its functional currency
- the signature of the entity's public officer and the date the written functional currency choice was signed.
You do not need to send your written functional currency choice to us. However, it should be available as part of your business' tax records.