Document ID: chunk:federal_register_of_legislation:C2010C00611:clause:4_11:p1
Version: federal_register_of_legislation:C2010C00611
Segment Type: clause
Provision Reference: sch 4 cl 11 (pt 1/2)
Character Range: 162155–165106

11                         an amount of a receipt or a payment, where none of the above items apply                                                                                                                       the amount is to be translated to Australian currency at the exchange rate applicable at the time of the receipt or payment.

 (7) Subsection (6) has effect subject to any modifications made by the regulations. For this purpose, modifications includes additions, omissions and substitutions.

Regulations about translation

 (8) An entity must comply with the regulations (if any) in translating an amount into Australian currency.

Note: For example, the regulations could require the use of a particular translation method and require consistency in the use of the translation method.

 (9) Regulations made for the purposes of subsection (8) may make provision in relation to a matter by applying, adopting or incorporating (with or without modifications) matter contained in any of the *accounting standards:
 (a) as in force or existing at a particular time; or
 (b) as in force or existing from time to time.

Operation of certain provisions unaffected

 (10) This section does not affect the operation of the following provisions:
 (a) section 775‑210 (notional loans under *facility agreements);
 (b) Subdivision 960‑D (functional currency);
 (c) subsection 974‑35(6) (valuation of financial benefits for the purposes of the debt/equity provisions);
 (d) Part XI of the Income Tax Assessment Act 1936 (about foreign investment funds and life assurance).

960‑55  Application of translation rules

 (1) Section 960‑50 applies to:
 (a) a transaction, event or thing that:
 (i) involves an amount in a *foreign currency; and
 (ii) occurs on or after the applicable commencement date (within the meaning of Division 775); or
 (b) a transaction, event or thing that:
 (i) involves an amount in a foreign currency; and
 (ii) occurs before the applicable commencement date (within the meaning of Division 775);
  to the extent to which the transaction, event or thing is relevant for the purposes of Division 775; or
 (c) an amount that Division 12 of Part 2‑5 in Schedule 1 to the Taxation Administration Act 1953 requires to be withheld from a payment, if the time when the amount is required to be withheld occurs on or after 1 July 2003; or
 (d) a payment that Part 5‑30 in Schedule 1 to the Taxation Administration Act 1953 requires to be reported, if the amount is paid on or after 1 July 2003.

Note: For applicable commencement date, see section 775‑155.

Exceptions

 (2) Despite subsection (1), section 960‑50 does not apply to a transaction, event or thing that involves:
 (a) an amount covered by subsection 775‑165(1); or
 (b) a right, or a part of a right, covered by subsection 775‑165(2); or
 (c) an obligation, or a part of an obligation, covered by subsection 775‑165(4).

Note: Subsections 775‑165(1), (2) and