Document ID: chunk:federal_register_of_legislation:C2025C00029:section:6:p1
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 6 (pt 1/2)
Character Range: 7689565–7692373

6                  (a) you are a *foreign resident who makes a *capital gain or *capital loss from a *CGT event in relation to an asset that is an *indirect Australian real property interest; and  (a) first, for the purpose of working out, for the income year, the amount of your capital gain or capital loss from the CGT event, an amount that is not in the applicable functional currency is to be translated into the applicable functional currency; and
                   (b) you are required by subsection 960‑61(2) to work out the amount of your capital gain or capital loss in the *applicable functional currency                                   (b) second, the amount of the capital gain or capital loss is to be translated into Australian currency.

Note: The attributable income of a controlled foreign company is calculated separately for each attributable taxpayer—see section 381 of the Income Tax Assessment Act 1936.

Examples of an amount
 (2) The following are examples of an amount:
 (a) an amount of *ordinary income;
 (b) an amount of an expense;
 (c) an amount of an obligation;
 (d) an amount of a liability;
 (e) an amount of a receipt;
 (f) an amount of a payment;
 (g) an amount of consideration;
 (h) a value;
 (i) a monetary limit or other amount set out in this Act or any other law of the Commonwealth.
 (3) The amounts set out in paragraphs (2)(b) to (i) may be amounts on revenue account, capital account or otherwise.

Amounts that are elements in the calculation of other amounts
 (4) In applying this section:
 (a) first, translate any amounts that are elements in the calculation of other amounts (except *special accrual amounts); and
 (b) then, calculate the other amounts.

Special accrual amounts
 (5) In applying this section:
 (a) calculate a *special accrual amount without translation and without applying the first rule set out in the relevant item of the table in subsection (1); and
 (b) then, translate the special accrual amount to Australian currency for the purposes of applying the second rule set out in the relevant item of the table in subsection (1).

Special translation rules
 (6) Subsection 960‑50(6) has effect, in relation to the translation of an amount into the *applicable functional currency, as if each reference in that subsection to Australian currency were a reference to the applicable functional currency.

Regulations about translation
 (7) An entity must comply with the regulations (if any) in translating an amount into:
 (a) the *applicable functional currency; or
 (b) 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.
 (8) Regulations made for the purposes of subsection (7) may make provision in relation to