Income Tax Assessment Regulations 1997 (Repealed)
View history note
Hide history noteFor subsection 960-80(7) of the Act, if:
(a) an entity is an attributable taxpayer in relation to a CFC; and
(b) the CFC has prepared financial accounts in accordance with standards to which subsection 820-960(1C) or (1D) of the Act relates; and
(c) those financial accounts translate amounts into the applicable functional currency using particular exchange rates; and
(d) the entity wishes to translate an amount into the applicable functional currency, using the exchange rate used to translate a corresponding amount in the financial accounts;
the entity must translate all amounts into the applicable functional currency using the exchange rates that were used in the financial accounts to translate corresponding amounts.
960-80.02(2)
In this regulation:
CFC
has the meaning given by Part
X
of the
Income Tax Assessment Act 1936
.
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