If the fund has entered into transactions in foreign currency or derived income in a foreign currency, those amounts will need to be translated to Australian currency to calculate the amount assessable or deductible. The foreign currency translation rules are contained in Subdivision 960-C of the ITAA 1997 (and the functional currency rules are contained in Subdivision 960-D of the ITAA 1997).
For more information about the foreign currency translation rules, see:
- Foreign exchange (forex) - the general translation rule (NAT 9339)
- Foreign exchange (forex) - general information on average rates (NAT 13434).