103
CurrentValuation of foreign currency
Part 11Miscellaneous
103 Valuation of foreign currency
(1)
If an amount involved in the calculation of tax is not in
Australian currency, the amount is to be converted to Australian currency at the rate of exchange reported by the Reserve Bank and current at the date on which the liability to pay the tax arose.
(2)
Subsection (1) applies subject to a provision of another taxation law governing the calculation of tax where an amount involved in the calculation is not in Australian currency.
This Act’s bill:Second reading speech
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