MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
CHAPTER 4
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SPECIALIST LIABILITY RULES
PART 4-5
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ACCOUNTING FOR MRRT
Division 185
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Currency translation
Operative provisions
SECTION 185-5
185-5
OBJECTS OF THIS DIVISION
The objects of this Division are:
(a) to set out a basic rule requiring an amount in a * foreign currency to be translated into Australian currency (subject to the functional currency rules and certain specific rules); and
(b) in order to reduce compliance costs, to require an * entity that uses a functional currency for income tax purposes to use the same functional currency for MRRT; and
(c) to apply rules for identifying the exchange rate for the translation of amounts that are the same rules as apply for income tax purposes.
The objects of this Division are:
(a) to set out a basic rule requiring an amount in a * foreign currency to be translated into Australian currency (subject to the functional currency rules and certain specific rules); and
(b) in order to reduce compliance costs, to require an * entity that uses a functional currency for income tax purposes to use the same functional currency for MRRT; and
(c) to apply rules for identifying the exchange rate for the translation of amounts that are the same rules as apply for income tax purposes.
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