Document ID: chunk:federal_register_of_legislation:C2010C00611:clause:4_4
Version: federal_register_of_legislation:C2010C00611
Segment Type: clause
Provision Reference: sch 4 cl 4
Character Range: 188426–190638

4                  (a) you are an attributable taxpayer (within the meaning of Part X of the Income Tax Assessment Act 1936) of a *controlled foreign company (CFC); and                                                                                                (a) first, for the purpose of working out, for the statutory accounting period, the *attributable income of the CFC:
                   (b) you have made a choice under item 4 of the table in subsection 960‑60(1) in relation to the CFC, and that choice is in effect for a statutory accounting period (within the meaning of Part X of the Income Tax Assessment Act 1936) of the CFC  (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 attributable income is to be translated into Australian currency.