Commonwealth Consolidated Regulations

INCOME TAX ASSESSMENT REGULATIONS 1997 - REG 960.80.02

         (1)   For 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.

         (2)   In this regulation:

CFC has the meaning given by Part X of the Income Tax Assessment Act 1936 .