Income Tax Assessment Regulations 1997
(item 12 of the table in subsection 960-50(6) of the Act, as modified, and subregulation 960-50.01(2) )
TRANSLATION OF CURRENCY AMOUNTS - RULES AND OTHER REQUIREMENTSPART 2 - TRANSLATION OF FOREIGN CURRENCY AMOUNTS INTO AUSTRALIAN CURRENCY - RULES AND REQUIREMENTS FOR ITEM 11A OF THE TABLE IN SUBSECTION 960-50(6) OF THE ACT 2.1 2.1 EXCHANGE RATE - CONSISTENCY WITH AN ENTITY'S FINANCIAL RECORDS
For item 11A of the table in subsection 960-50(6) of the Act, as modified, if:
(a) an entity keeps financial records (within the meaning of the Corporations Act 2001 ) of the exchange rates that the entity uses to translate amounts into Australian currency; and
(b) the entity, or another entity, translates an amount to which the records correspond into Australian currency in accordance with item 11A;
the exchange rate that the entity mentioned in paragraph (b) uses must be the same as the exchange rate specified in those records for translating the amount into Australian currency.