Income Tax Assessment Act 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 960 - General  

Subdivision 960-C - Foreign currency  

SECTION 960-49  

960-49   Objects of this Subdivision  

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.