23 Nov 06 When is an amount not in the 'applicable functional currency'? - TR 2006/D10This draft Taxation Ruling was released on 22 November 2006 for public comment by 12 January 2007. Its full title is "Income tax: functional currency - when is an amount not in the 'applicable functional currency'?" This draft Ruling considers the operation of ss 960-80 and 960-85 in Subdivision 960-D of ITAA 1997. The Ruling applies to entities, or parts of entities, which have made an effective choice under s 960-60 of Subdivision 960-D to use the 'applicable functional currency'. In particular, this Ruling considers when an amount is 'not in the applicable functional currency', for the purposes of s 960-80(1) and s 960-85.
For a copy of TR 2006/D10, go here