MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)
The objects of this Division are:
(a) to set out a basic rule requiring an amount in a * foreign currency to be translated into Australian currency (subject to the functional currency rules and certain specific rules); and
(b) in order to reduce compliance costs, to require an * entity that uses a functional currency for income tax purposes to use the same functional currency for MRRT; and
(c) to apply rules for identifying the exchange rate for the translation of amounts that are the same rules as apply for income tax purposes.
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