Tax Laws Amendment (2010 Measures No. 4) Act 2010 (136 of 2010)

Schedule 3   Taxation of financial arrangements

Part 1   Taxation of financial arrangements amendments

Income Tax Assessment Act 1997

12   Subsection 230-115(8)

Repeal the subsection, substitute:

(8) If all of the *financial benefits provided and received under the *financial arrangement are denominated in a particular *foreign currency, those financial benefits are not to be translated into:

(a) your *applicable functional currency; or

(b) if you do not have an applicable functional currency - Australian currency;

for the purposes of applying subsection (2) to the arrangement.