Income Tax Assessment Act 1997

The net income of any of the following entities (or parts of entities) that keeps its accounts solely or predominantly in a particular foreign currency can be worked out in that currency, with the net amount being translated into Australian currency:

(a) an Australian resident who is required to prepare financial reports under section 292 of the Corporations Act 2001 ;

(b) a permanent establishment;

(c) an offshore banking unit;

(d) a controlled foreign company (CFC);

(e) a transferor trust.