Taxation Laws Amendment Act (No. 3) 1994 (138 of 1994)

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 3   Amendments relating to foreign investment funds and controlled foreign companies

Sub-Division H   Expression of FIF losses in same currency as FIF attribution surpluses

28   Insertion of new section

After section 533 of the Principal Act the following section is inserted in Division 17 of Part XI:

Foreign investment fund losses to be expressed in Australian currency

"533A. For the purposes of section 532 or 533, if the foreign investment fund loss mentioned in that subsection is not expressed in Australian currency, it is to be converted to the corresponding amount in Australian currency in accordance with the rate of exchange applicable at the end of the notional accounting period.".