INCOME TAX ASSESSMENT REGULATIONS 1997

PART 6 - THE DICTIONARY  

Division 960 - General  

Subdivision 960-D - Functional currency  

REGULATION 960-80.02   TRANSLATION RULES FOR AN ATTRIBUTABLE TAXPAYER OF A CFC - TRANSLATION INTO APPLICABLE FUNCTIONAL CURRENCY  

960-80.02(1)  
For subsection 960-80(7) of the Act, if:


(a) an entity is an attributable taxpayer in relation to a CFC; and


(b) the CFC has prepared financial accounts in accordance with standards to which subsection 820-960(1C) or (1D) of the Act relates; and


(c) those financial accounts translate amounts into the applicable functional currency using particular exchange rates; and


(d) the entity wishes to translate an amount into the applicable functional currency, using the exchange rate used to translate a corresponding amount in the financial accounts;

the entity must translate all amounts into the applicable functional currency using the exchange rates that were used in the financial accounts to translate corresponding amounts.

960-80.02(2)  
In this regulation:

CFC
has the meaning given by Part X of the Income Tax Assessment Act 1936 .




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