MINERALS RESOURCE RENT TAX ACT 2012 [ REPEALED]
The MRRT is accounted for in Australian currency.
Generally, all amounts are to be translated into Australian currency.
However, an entity that uses a functional currency for income tax purposes must use the same functional currency in accounting for MRRT.
If a functional currency is used, amounts are worked out on a net basis in the functional currency, with those amounts then being translated into Australian currency.
|185-5||Objects of this Division|
|185-10||Translation of amounts into Australian currency|
|185-15||Functional currency rules|
|185-20||Functional currency rules - Australian permanent establishments|
|185-25||Special translation rules|