AustLII Tasmanian Consolidated Acts

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TAXATION ADMINISTRATION ACT 1997 - SECT 98

Valuation of foreign currency

(1)  If a single amount involved in the calculation of tax is not in Australian currency, the amount is to be converted to Australian currency at the buy rate of exchange reported by the Reserve Bank and applicable at the date on which the liability to pay the tax arose.
(2)  This section is subject to a provision of another taxation law governing the calculation of tax where an amount involved in the calculation is not in Australian currency.



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