185‑1 What this Division is about185‑1 What this Division is about

#### 185‑1 What this Division is about The MRRT is accounted for in Australian currency. Generally, all amounts are to be translated into Australian currency. However, an entity that uses a functional currency for income tax purposes must use the same functional currency in accounting for MRRT. If a functional currency is used, amounts are worked out on a net basis in the functional currency, with those amounts then being translated into Australian currency. Table of sections Operative provisions 185‑5 Objects of this Division 185‑10 Translation of amounts into Australian currency 185‑15 Functional currency rules 185‑20 Functional currency rules—Australian permanent establishments 185‑25 Special translation rules