INCOME TAX ASSESSMENT REGULATIONS 1997

PART 6 - THE DICTIONARY  

Division 960 - General  

Subdivision 960-D - Functional currency  

REGULATION 960-80.01   960-80.01   TRANSLATION RULES - TRANSLATION INTO APPLICABLE FUNCTIONAL CURRENCY  
For subsection 960-80(7) of the Act, the requirements set out in Schedule 2 in relation to the translation of amounts into Australian currency have effect in relation to the translation of amounts into the applicable functional currency as if:


(a) each reference in that Schedule to Australian currency were a reference to the applicable functional currency; and


(b) the modifications set out in the following table were made:


Item Provision After Insert
1 Subclause 1.2(2) year (or, if the entity is an attributable taxpayer in relation to a CFC (within the meaning of Part X of the Income Tax Assessment Act 1936 ) - each subsequent day in the CFC's statutory accounting period (within the meaning of that Part))
2 Paragraph 1.2(3)(a) activities (or, if the entity is an attributable taxpayer in relation to a CFC (within the meaning of Part X of the Income Tax Assessment Act 1936 ), the use of the rate would not be appropriate having regard to the CFC's business or activities)




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