MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 4 - SPECIALIST LIABILITY RULES  

PART 4-5 - ACCOUNTING FOR MRRT  

Division 185 - Currency translation  

Operative provisions  

SECTION 185-20   FUNCTIONAL CURRENCY RULES - AUSTRALIAN PERMANENT ESTABLISHMENTS  

185-20(1)    
Despite section 185-10 , if:

(a) a choice under item 2 of the table in subsection 960-60(1) of the Income Tax Assessment Act 1997 is in effect in relation to the * entity in relation to an * Australian permanent establishment for a period that includes an * MRRT year ; and

(b) a mining project interest the entity has, or a * pre-mining project interest the entity * holds, predominantly relates to the activity or business carried on at or through the Australian permanent establishment;

section 185-15 applies, subject to this section, to the mining project interest or pre-mining project interest.

185-20(2)    
For the purposes of applying section 185-15 to the mining project interest or * pre-mining project interest , sections 185-15 and 185-25 apply as if:

(a) the reference in subsection 185-15(2) to the * entity ' s applicable functional currency (and any later references to that currency), were instead references to the applicable functional currency of the * Australian permanent establishment ; and

(b) the purpose mentioned in paragraph 185-15(3)(a) were instead the purpose of working out so much of the * instalment income mentioned in that paragraph as arises from the mining project interest or pre-mining project interest; and

(c) the references in subsection 185-15(8) and item 1 of the table in subsection 185-25(1) to the * instalment income were instead references to the amount worked out having regard to paragraph (b).