Commonwealth Consolidated Regulations Commonwealth Consolidated RegulationsFor subsection 960‑80 (7) of the Act, the requirements set out in Schedule 2 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:
|
Item |
Provision |
After |
Insert |
|
1 |
Subclause 1.2 (2) |
year |
(or, if the entity is an attributable taxpayer in relation to a CFC (within the meaning of Part X of the Income Tax Assessment Act 1936 ) -- each subsequent day in the CFC's statutory accounting period (within the meaning of that Part)) |
|
2 |
Paragraph 1.2 (3) (a) |
activities |
(or, if the entity is an attributable taxpayer in relation to a CFC (within the meaning of Part X of the Income Tax Assessment Act 1936 ), the use of the rate would not be appropriate having regard to the CFC's business or activities) |