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INCOME TAX ASSESSMENT ACT 1997 - SECT 960.56

What this Subdivision is about

The net income of any of the following entities (or parts of entities) that keeps its accounts solely or predominantly in a particular foreign currency can be worked out in that currency, with the net amount being translated into Australian currency:

               (a)     an Australian resident who is required to prepare financial reports under section 292 of the Corporations Act 2001 ;

              (b)     a permanent establishment;

               (c)     an offshore banking unit;

              (d)     a controlled foreign company (CFC);

               (e)     a transferor trust.

Table of sections

Operative provisions

960-59      Object of this Subdivision

960-60      You may choose a functional currency

960-61      Functional currency for calculating capital gains and losses on indirect Australian real property interests

960-65      Backdated startup choice

960-70      What is the applicable functional currency ?

960-75      What is a transferor trust ?

960-80      Translation rules

960-85      Special rule about translation--events that happened before the current choice took effect

960-90      Withdrawal of choice

Operative provisions



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