Document ID: chunk:federal_register_of_legislation:C2010C00611:clause:4_1
Version: federal_register_of_legislation:C2010C00611
Segment Type: clause
Provision Reference: sch 4 cl 1
Character Range: 181295–183667

1                  (a) you are an *Australian resident required to prepare financial reports under section 292 of the Corporations Act 2001; and                                                                                                                        (a) first, for the purpose of working out, for the income year, so much of your taxable income or tax loss as is not the subject of a choice made by you under any other item of that table:
                   (b) you have made a choice under item 1 of the table in subsection 960‑60(1), 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, so much of your taxable income as is not the subject of a choice made by you under any other item of that table is to be translated into Australian currency.