Income Tax Assessment Amendment Regulations 2005 (No. 2) (75 of 2005)

Schedule 2   Amendments commencing on the day after registration

[6]   Schedule 2, after Part 1

insert

Part 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 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.