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Draft Tax Determination TD 98/D12

Published on 01 Jul 98 by THE TAX INSTITUTE

We are aware of instances where the ATO has accepted that s391 applies to a CFC's capital gain calculation (ie the capital gain has been calculated using the functional currency, with the net gain so ascertained then converted to Australian currency). The reasons for this acceptance appear to be based on both legal and practical grounds.

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- Current at 19 November 2004
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