Show download pdf controls
  • How the functional currency rules work

    Flow chart showing how the functional currency rules work

    Once you choose to use a non-Australian dollar applicable functional currency, you must use that currency as the unit of account in your day-to-day tax accounting. After working out your taxable income or tax loss in the applicable functional currency, you must translate that amount into A$ to report on your tax return.

    You must also carry out your instalment income calculations in your applicable functional currency and translate that amount into A$ for reporting purposes.

      Last modified: 22 Jul 2022QC 17626