Document ID: chunk:federal_register_of_legislation:C2010C00611:clause:4_2
Version: federal_register_of_legislation:C2010C00611
Segment Type: clause
Provision Reference: sch 4 cl 2
Character Range: 183667–186035

2                  (a) you are:                                                                                                                                                                                                                                         (a) first, for the purpose of working out, for the income year, the taxable income or tax loss derived from the activity or business carried on at or through the permanent establishment:
                   (i) an *Australian resident carrying on an activity or business at or through an*overseas permanent establishment; or                                                                                                                                (i) an amount that is not in the *applicable functional currency is to be translated into the applicable functional currency; and
                   (ii) a *foreign resident carrying on an activity or business at or through an *Australian permanent establishment; and                                                                                                                               (ii) the definition of foreign currency in subsection 995‑1(1) does not apply; and
                   (b) you have made a choice under item 2 of the table in subsection 960‑60(1) in relation to the permanent establishment, and that choice is in effect for an income year                                                                             (iii) the applicable functional currency is taken not to be a foreign currency; and
                                                                                                                                                                                                                                                                        (iv) Australian currency and any other currency (except the applicable functional currency) are taken to be foreign currencies; and
                                                                                                                                                                                                                                                                        (b) second, the taxable income derived from the activity or business carried on at or through the permanent establishment is to be translated into Australian currency.