Document ID: chunk:federal_register_of_legislation:F2024C01248:reg:12
Version: federal_register_of_legislation:F2024C01248
Segment Type: reg
Provision Reference: reg 12
Character Range: 184745–185921

12   an amount to which any of items 1 to 11A (inclusive) applies                                         as an alternative to the result mentioned in the item, the amount may be translated into Australian currency using any of the rules set out in Schedule 2 to the Income Tax Assessment (1997 Act) Regulations 2021.

 (3) For the purposes of subsection 960‑50(8) of the Act, Schedule 2 to this instrument sets out requirements in relation to the translation of amounts into Australian currency.

Subdivision 960‑D—Functional currency

960‑80.01  Translation rules—translation into applicable functional currency
  For the purposes of subsection 960‑80(7) of the Act, the requirements set out in Schedule 2 to this instrument in relation to the translation of amounts into Australian currency have effect in relation to the translation of amounts into the applicable functional currency as if:
 (a) each reference in that Schedule to Australian currency were a reference to the applicable functional currency; and
 (b) the modifications set out in the following table were made:

Modifications to Schedule 2
Item                         Provision          After       Insert