Document ID: chunk:federal_register_of_legislation:C2025C00029:section:1
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 1
Character Range: 7679959–7681929

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.