Commonwealth Numbered Regulations

[Index] [Table] [Search] [Search this Regulation] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT (1997 ACT) REGULATIONS 2021 (F2021L00206) - REG 960.80.01

Translation rules--translation into applicable functional currency

                   For the purposes of subsection 960-80(7) of the Act, the requirements set out in Schedule 2 to this instrument in relation to the translation of amounts into Australian currency have effect in relation to the translation of amounts into the applicable functional currency as if:

                     (a)  each reference in that Schedule to Australian currency were a reference to the applicable functional currency; and

                     (b)  the modifications set out in the following table were made:

 

Modifications to Schedule 2

Item

Provision

After

Insert

1

Subclause 2(2)

year

(or, if the entity is an attributable taxpayer in relation to a CFC, each subsequent day in the CFC's statutory accounting period)

2

Paragraph 2(3)(a)

activities

(or, if the entity is an attributable taxpayer in relation to a CFC, the use of the rate would not be appropriate having regard to the CFC's business or activities)


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback