Income Tax Assessment Act 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 960 - General  

Subdivision 960-D - Functional currency  

Operative provisions

SECTION 960-60   You may choose a functional currency  

960-60(1)    

The table has effect:

Choosing to use a functional currency
Item	If you are:	you may choose to use the * applicable functional currency to...	with effect from the start of...
1	an Australian resident who is required to prepare financial reports under section 292 of the Corporations Act 2001	work out so much of your taxable income or tax loss as is not subject to a choice made by you under any of the other items of this table	(a) if the choice you make under this item is a backdated startup choice (see section 960-65) - the income year in which you make the choice; or (b) in any other case - the income year following the one in which you make the choice.
2	(a) an Australian resident carrying on an activity or business at or through an *overseas permanent establishment; or (b) a foreign resident carrying on an activity or business at or through an *Australian permanent establishment	work out the taxable income or tax loss derived from the activity or business carried on at or through the permanent establishment	(a) if the choice you make under this item is a backdated startup choice (see section 960-65) - the income year in which you make the choice; or (b) in any other case - the income year following the one in which you make the choice.
3	an *offshore banking unit	work out your total assessable OB income (within the meaning of Division 9A of Part III of the Income Act Assessment Act 1936 ) and your total allowable OB deductions (within the meaning of that Division)	(a) if the choice you make under this item is a backdated startup choice (see section 960-65) - the income year in which you make the choice; or (b) in any other case - the income year following the one in which you make the choice.
4	an attributable taxpayer (within the meaning of Part X of the Income Tax Assessment Act 1936 ) of a *controlled foreign company (CFC)	work out the *attributable income of the CFC	(a) if the choice you make under this item is a backdated startup choice (see section 960-65) - the CFC ' s *statutory accounting period in which you make the choice; or
			(b) in any other case - the CFC ' s statutory accounting period following the one in which you make the choice.
5	a *transferor trust	work out your attributable income (within the meaning of Division 6AAA of Part III of the Income Tax Assessment Act 1936 )	(a) if the choice you make under this item is a backdated startup choice (see section 960-65) - the income year in which you make the choice; or (b) in any other case - the income year following the one in which you make the choice.

Note:

The attributable income of a controlled foreign company is calculated separately for each attributable taxpayer - see section 381 of the Income Tax Assessment Act 1936 .

960-60(2)    
A choice must be in writing.

960-60(3)    
A choice under item 1 of the table in subsection (1) continues in effect until:

(a) a withdrawal of the choice takes effect (see section 960-90 ); or

(b) immediately after the end of the income year in which you cease to be subject to a requirement to prepare financial reports under section 292 of the Corporations Act 2001 ;

whichever happens first.

960-60(4)    
A choice under item 2, 3, 4 or 5 of the table in subsection (1) continues in effect until a withdrawal of the choice takes effect (see section 960-90 ).

960-60(5)    
(Repealed by No 15 of 2009 )

960-60(6)    
(Repealed by No 15 of 2009 )