Income Tax Assessment Act 1997
CHAPTER 6
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THE DICTIONARY
PART 6-1
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CONCEPTS AND TOPICS
Division 960
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General
Subdivision 960-D
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Functional currency
Operative provisions
SECTION 960-59 960-59 Object of this Subdivision
The object of this Subdivision is, for the purposes of reducing compliance costs and reflecting commercial practice, to allow certain entities (or parts of entities) whose accounts are kept solely or predominantly in a particular *foreign currency (the functional currency ) to calculate their net incomes by reference to the functional currency.
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Hide history noteSECTION 960-59 960-59 Object of this Subdivision
The object of this Subdivision is, for the purposes of reducing compliance costs and reflecting commercial practice, to allow certain entities (or parts of entities) whose accounts are kept solely or predominantly in a particular *foreign currency (the functional currency ) to calculate their net incomes by reference to the functional currency.
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