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 2 - TRANSLATION OF FOREIGN CURRENCY AMOUNTS INTO AUSTRALIAN CURRENCY - RULES AND REQUIREMENTS FOR ITEM 11A OF THE TABLE IN SUBSECTION 960 50(6) OF THE ACT  

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4   Exchange rate - consistency with an entity ' s financial records  
For the purposes of item 11A of the table in subsection 960-50(6) of the Act, as modified by subsection 960-50.01(2) of this instrument, if:

(a)    an entity keeps financial records (within the meaning of the Corporations Act 2001 ) of the exchange rates that the entity uses to translate amounts into Australian currency; and

(b)    the entity, or another entity, translates an amount to which the records correspond into Australian currency in accordance with item 11A;

the exchange rate that the entity mentioned in paragraph (b) uses must be the same as the exchange rate specified in those records for translating the amount into Australian currency.