Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 960.49

Objects of this Subdivision

                   The objects of this Subdivision are as follows:

                     (a)  to set out a basic rule requiring an amount in a * foreign currency to be translated into an Australian dollar amount (the basic rule is subject to the functional currency rules in Subdivision 960-D and to certain specific exclusions);

                     (b)  to ensure that the rules for identifying the exchange rate for the translation of a foreign currency amount into Australian dollars:

                              (i)  reflect an appropriate prevailing exchange rate; and

                             (ii)  take into account, as appropriate, commercial practices for the translation of foreign currency amounts into Australian dollars.



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