Document ID: chunk:federal_register_of_legislation:C2010C00611:clause:4_11:p2
Version: federal_register_of_legislation:C2010C00611
Segment Type: clause
Provision Reference: sch 4 cl 11 (pt 2/2)
Character Range: 164862–167427

(a) an amount covered by subsection 775‑165(1); or
 (b) a right, or a part of a right, covered by subsection 775‑165(2); or
 (c) an obligation, or a part of an obligation, covered by subsection 775‑165(4).

Note: Subsections 775‑165(1), (2) and (4) are transitional provisions relating to forex realisation events.

 (3) Despite subsection (1), section 960‑50 does not apply for the purposes of working out the assessable income, deductions or tax offsets of:
 (a) an *ADI; or
 (b) a *non‑ADI financial institution.

Subdivision 960‑D—Functional currency

Guide to Subdivision 960‑D

960‑56  What this Subdivision is about

      The net income of any of the following entities (or parts of entities) that keeps its accounts solely or predominantly in a particular foreign currency can be worked out in that currency, with the net amount being translated into Australian currency:

                (a) an Australian resident who is required to prepare financial reports under section 292 of the Corporations Act 2001;
                (b) a permanent establishment;
                (c) an offshore banking unit;
                (d) a controlled foreign company (CFC);
                (e) a transferor trust.

Table of sections

Operative provisions

960‑59 Object of this Subdivision
960‑60 You may choose a functional currency
960‑65 Backdated startup choice
960‑70 What is the applicable functional currency?
960‑75 What is a transferor trust?
960‑80 Translation rules
960‑85 Special rule about translation—events that happened before the current choice took effect
960‑90 Withdrawal of choice

[This is the end of the Guide.]

Operative provisions

960‑59  Object of this Subdivision

  The object of this Subdivision is, for the purposes of reducing compliance costs and reflecting commercial practice, to allow certain entities (or parts of entities) whose accounts are kept solely or predominantly in a particular *foreign currency (the functional currency) to calculate their net incomes by reference to the functional currency.

960‑60  You may choose a functional currency

 (1) The table has effect:

Choosing to use a functional currency
Item                                   If you are:                                                                                                                           you may choose to use the *applicable functional currency to...                                                                                                                                              with effect from the start of...