MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-5 - ACCOUNTING FOR MRRT  

Division 185 - Currency translation  

Operative provisions  

SECTION 185-10   TRANSLATION OF AMOUNTS INTO AUSTRALIAN CURRENCY  

185-10(1)    
For the purposes of this Act, an amount in a * foreign currency is to be translated into Australian currency.

Examples of an amount

185-10(2)    
The following are examples of an amount:

(a) an amount of an expense;

(b) an amount of an obligation;

(c) an amount of a liability;

(d) an amount of a receipt;

(e) an amount of a payment;

(f) an amount of consideration;

(g) a value.

Translation rule

185-10(3)    
The amount is to be translated into Australian currency at the exchange rate that would be applicable if the translation were being done for the purposes of Subdivision 960-C of the Income Tax Assessment Act 1997 .

Amounts that are elements in the calculation of other amounts

185-10(4)    
In applying this section:

(a) first, translate any amounts that are elements in the calculation of other amounts (except amounts covered by subsection (5) ); and

(b) then, calculate the other amounts.

Exception for simplified MRRT method

185-10(5)    
However, in applying this section:

(a) calculate an * entity ' s profit worked out under section 200-15 without translation; and

(b) then, translate that profit.