INCOME TAX ASSESSMENT ACT 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 960 - General  

Subdivision 960-D - Functional currency  

SECTION 960-56   What this Subdivision is about  

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.

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