Income Tax Assessment (1997 Act) Regulations 2021
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
SECTION 960-80.01
960-80.01
TRANSLATION RULES
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TRANSLATION INTO APPLICABLE FUNCTIONAL CURRENCY
For the purposes of subsection 960-80(7) of the Act, the requirements set out in Schedule 2 to this instrument in relation to the translation of amounts into Australian currency have effect in relation to the translation of amounts into the applicable functional currency as if: (a) each reference in that Schedule to Australian currency were a reference to the applicable functional currency; and (b) the modifications set out in the following table were made:
For the purposes of subsection 960-80(7) of the Act, the requirements set out in Schedule 2 to this instrument in relation to the translation of amounts into Australian currency have effect in relation to the translation of amounts into the applicable functional currency as if: (a) each reference in that Schedule to Australian currency were a reference to the applicable functional currency; and (b) the modifications set out in the following table were made:
| Modifications to Schedule 2 | |||
| Item | Provision | After | Insert |
| 1 | Subclause 2(2) | year | (or, if the entity is an attributable taxpayer in relation to a CFC, each subsequent day in the CFC ' s statutory accounting period) |
| 2 | Paragraph 2(3)(a) | activities | (or, if the entity is an attributable taxpayer in relation to a CFC, the use of the rate would not be appropriate having regard to the CFC ' s business or activities) |
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