MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
For the purposes of this Act, an amount in a * foreign currency is to be translated into Australian currency.
Examples of an amount
185-10(2)
The following are examples of an amount:
(a) an amount of an expense;
(b) an amount of an obligation;
(c) an amount of a liability;
(d) an amount of a receipt;
(e) an amount of a payment;
(f) an amount of consideration;
(g) a value.
Translation rule
185-10(3)
The amount is to be translated into Australian currency at the exchange rate that would be applicable if the translation were being done for the purposes of Subdivision 960-C of the Income Tax Assessment Act 1997 .
Amounts that are elements in the calculation of other amounts
185-10(4)
In applying this section:
(a) first, translate any amounts that are elements in the calculation of other amounts (except amounts covered by subsection (5) ); and
(b) then, calculate the other amounts.
Exception for simplified MRRT method
185-10(5)
However, in applying this section:
(a) calculate an * entity ' s profit worked out under section 200-15 without translation; and
(b) then, translate that profit.
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