Document ID: chunk:federal_register_of_legislation:C2025C00029:section:5
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 5
Character Range: 7687694–7689565

5                  (a) you are a *transferor trust; and                                                                                                                                              (a) first, for the purpose of working out, for the income year, your attributable income (within the meaning of Division 6AAA of Part III of the Income Tax Assessment Act 1936):
                   (b) you have made a choice under item 5 of the table in subsection 960‑60(1) in relation to the trust, and that choice is in effect for an income year                            (i) an amount that is not in the *applicable functional currency is to be translated into the applicable functional currency; and
                                                                                                                                                                                                     (ii) the definition of foreign currency in subsection 995‑1(1) does not apply; and
                                                                                                                                                                                                     (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 attributable income is to be translated into Australian currency.