Income Tax Assessment Act 1997
The objects of this Subdivision are as follows:
(a) to set out a basic rule requiring an amount in a *foreign currency to be translated into an Australian dollar amount (the basic rule is subject to the functional currency rules in Subdivision 960-D and to certain specific exclusions);
(b) to ensure that the rules for identifying the exchange rate for the translation of a foreign currency amount into Australian dollars:
(i) reflect an appropriate prevailing exchange rate; and
(ii) take into account, as appropriate, commercial practices for the translation of foreign currency amounts into Australian dollars.
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