MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
The MRRT is accounted for in Australian currency.
Generally, all amounts are to be translated into Australian currency.
However, an entity that uses a functional currency for income tax purposes must use the same functional currency in accounting for MRRT.
If a functional currency is used, amounts are worked out on a net basis in the functional currency, with those amounts then being translated into Australian currency.
| Operative provisions | |
| 185-5 | Objects of this Division |
| 185-10 | Translation of amounts into Australian currency |
| 185-15 | Functional currency rules |
| 185-20 | Functional currency rules - Australian permanent establishments |
| 185-25 | Special translation rules |
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