Document ID: chunk:federal_register_of_legislation:C2010C00611:clause:4_59
Version: federal_register_of_legislation:C2010C00611
Segment Type: clause
Provision Reference: sch 4 cl 59
Character Range: 152735–154976

59  Before Subdivision 960‑E
Insert:

Subdivision 960‑C—Foreign currency

Table of sections

960‑49 Objects of this Subdivision
960‑50 Translation of amounts into Australian currency
960‑55 Application of translation rules

960‑49  Objects of this Subdivision

  The objects of this Subdivision are as follows:
 (a) to set out a basic rule requiring an amount in a *foreign currency to be translated into an Australian dollar amount (the basic rule is subject to the functional currency rules in Subdivision 960‑D and to certain specific exclusions);
 (b) to ensure that the rules for identifying the exchange rate for the translation of a foreign currency amount into Australian dollars:
 (i) reflect an appropriate prevailing exchange rate; and
 (ii) take into account, as appropriate, commercial practices for the translation of foreign currency amounts into Australian dollars.

960‑50  Translation of amounts into Australian currency

 (1) For the purposes of this Act, an amount in a *foreign currency is to be translated into Australian currency.

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.

 (3) The amounts set out in paragraphs (2)(b) to (h) 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
 (b) then, translate the special accrual amount.

Special translation rules

 (6) The table has effect:

Special translation rules
Item                       In this case...                                                                                                                                                                                this is the result...