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MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-5 - ACCOUNTING FOR MRRT  

Division 185 - Currency translation  

Guide to Division 185  

SECTION 185-1  

185-1   WHAT THIS DIVISION IS ABOUT  

The MRRT is accounted for in Australian currency.

Generally, all amounts are to be translated into Australian currency.

However, an entity that uses a functional currency for income tax purposes must use the same functional currency in accounting for MRRT.

If a functional currency is used, amounts are worked out on a net basis in the functional currency, with those amounts then being translated into Australian currency.


TABLE OF SECTIONS
TABLE OF SECTIONS
Operative provisions
185-5 Objects of this Division
185-10 Translation of amounts into Australian currency
185-15 Functional currency rules
185-20 Functional currency rules - Australian permanent establishments
185-25 Special translation rules


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