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.