Income Tax Assessment Regulations 1997 (Repealed)

PART 6 - THE DICTIONARY  

Division 960 - General  

Subdivision 960-D - Functional currency  

REGULATION 960-80.01  

960-80.01   TRANSLATION RULES - TRANSLATION INTO APPLICABLE FUNCTIONAL CURRENCY  
For subsection 960-80(7) of the Act, the requirements set out in Schedule 2 in relation to the translation of amounts into Australian currency have effect in relation to the translation of amounts into the applicable functional currency as if:

(a) each reference in that Schedule to Australian currency were a reference to the applicable functional currency; and

(b) the modifications set out in the following table were made:

Item	Provision	After	Insert
1	Subclause 1.2(2)	year	(or, if the entity is an attributable taxpayer in relation to a CFC (within the meaning of Part X of the Income Tax Assessment Act 1936 ) - each subsequent day in the CFC's statutory accounting period (within the meaning of that Part))
2	Paragraph 1.2(3)(a)	activities	(or, if the entity is an attributable taxpayer in relation to a CFC (within the meaning of Part X of the Income Tax Assessment Act 1936 ), the use of the rate would not be appropriate having regard to the CFC's business or activities)