Income Tax Assessment (1997 Act) Regulations 2021

SCHEDULES

SCHEDULE 2  

Note: See item 12 of the table in subsection 960-50(6) of the Act, as modified, and section 960-50.01 of this instrument.

TRANSLATION OF CURRENCY AMOUNTS - RULES AND OTHER REQUIREMENTS

PART 1 - RULES AND REQUIREMENTS FOR ITEM 12 OF THE TABLE IN SUBSECTION 960 50(6) OF THE ACT  

1  

1   Exchange rate - consistency with accounting standards used by entity  
For the purposes of item 12 of the table in subsection 960-50(6) of the Act, as modified by subsection 960-50.01(2) of this instrument, if:

(a)    a financial report (within the meaning of the Corporations Act 2001 ) prepared by an entity:

(i) complies with the accounting standards under the Corporations Act 2001 ; and

(ii) translates amounts into Australian currency using particular exchange rates; and

(iii) has been audited in accordance with the Corporations Act 2001 ; and

(b)    the entity, or another entity, wishes to translate an amount into Australian currency in accordance with that item, using the exchange rate used in that financial report to translate a corresponding amount;

the entity mentioned in paragraph (b) must translate all amounts into Australian currency using the exchange rates that were used in that financial report to translate corresponding amounts.