Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 960 - General  

Subdivision 960-D - Functional currency  

SECTION 960-80.02  

960-80.02   TRANSLATION RULES FOR AN ATTRIBUTABLE TAXPAYER OF A CFC - TRANSLATION INTO APPLICABLE FUNCTIONAL CURRENCY  
For the purposes of subsection 960-80(7) of the Act, if:

(a)    an entity is an attributable taxpayer in relation to a CFC; and

(b)    the CFC has prepared financial accounts in accordance with standards to which subsection 820-960(1C) or (1D) of the Act relates; and

(c)    those financial accounts translate amounts into the applicable functional currency using particular exchange rates; and

(d)    the entity wishes to translate an amount into the applicable functional currency, using the exchange rate used to translate a corresponding amount in the financial accounts;

the entity must translate all amounts into the applicable functional currency using the exchange rates that were used in the financial accounts to translate corresponding amounts.