ITAA 1997 s 960-D

Income tax: consolidation: is Australian currency, where it is taken to be foreign currency under section 960-80 of the Income Tax Assessment Act 1997 for the purposes of the functional currency provisions, treated as a retained cost base asset under the consolidation regime?

Income tax: can an Australian resident entity which keeps its 'accounts' predominantly in a foreign currency, choose to use that foreign currency as its 'applicable functional currency', where the entity is required to prepare financial statements in Australian dollars for statutory reporting purposes?

Income tax: is the 'applicable functional currency' choice relevant for the purpose of applying the Fringe Benefits Tax, Goods and Services Tax, Superannuation Guarantee Charge and Pay As You Go withholding provisions?

Income tax: if an 'attributable taxpayer' makes a choice under item 4 of the table in subsection 960-60(1) of Subdivision 960-D of the Income Tax Assessment Act 1997, to use the 'applicable functional currency', will this choice apply to its calculation of 'attribution surplus' under section 370 of Part X of the Income Tax Assessment Act 1936?

Functional currency: the interaction between 'functional currency' for accounting purposes and the 'applicable functional currency' for taxation purposes

Functional currency: translation requirements where an entity withdraws its 'applicable functional currency' choice

Functional Currency Choice: A subsidiary member within a tax consolidated group cannot use a currency that is different from the 'applicable functional currency' chosen by the head company of that tax consolidated group, for the purposes of working out the head company's taxable income or tax loss

Functional currency choice: meaning of sole or predominant currency in which you keep your 'accounts'

Income tax: consolidation: is Australian currency, where it is taken to be foreign currency under section 960-80 of the Income Tax Assessment Act 1997 for the purposes of the functional currency provisions, treated as a retained cost base asset under the consolidation regime?

Income tax: can an Australian incorporated subsidiary of a foreign group which records the results of its worldwide business in a foreign currency, choose to use that foreign currency as its 'applicable functional currency', where it prepares financial statements in Australian dollars for statutory reporting purposes?

Income tax: is the 'applicable functional currency' choice relevant for the purpose of applying the Fringe Benefits Tax, Goods and Services Tax, Superannuation Guarantee Charge and Pay As You Go withholding provisions?

Income tax: if an 'attributable taxpayer' makes a choice under item 4 of the table in subsection 960-60(1) of Subdivision 960-D of the Income Tax Assessment Act 1997, to use the 'applicable functional currency', will this choice apply to its calculation of 'attribution surplus' under section 370 of Part X of the Income Tax Assessment Act 1936?

Income tax: consolidation: retained cost base assets consisting of Australian currency or right to receive a specified amount of such currency

Referral of work to International Strategy and Operations