Document ID: chunk:federal_register_of_legislation:C2010C00611:clause:4_3
Version: federal_register_of_legislation:C2010C00611
Segment Type: clause
Provision Reference: sch 4 cl 3
Character Range: 186035–188426

3                  (a) you are an *offshore banking unit (OBU); and                                                                                                                                                                                                     (a) first, for the purpose of working out, for the income year, your total assessable OB income (within the meaning of Division 9A of Part III of the Income Tax Assessment Act 1936) and your total OB deductions (within the meaning of that Division):
                   (b) you have made a choice under item 3 of the table in subsection 960‑60(1) in relation to the OBU, 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 total assessable OB income and the total allowable OB deductions are to be translated into Australian currency.