185‑10 Translation of amounts into Austr185‑10 Translation of amounts into Australian currency

#### 185‑10 Translation of amounts into Australian currency (1) For the purposes of this Act, an amount in a \*foreign currency is to be translated into Australian currency. Examples of an amount (2) The following are examples of an amount: (a) an amount of an expense; (b) an amount of an obligation; (c) an amount of a liability; (d) an amount of a receipt; (e) an amount of a payment; (f) an amount of consideration; (g) a value. Translation rule (3) The amount is to be translated into Australian currency at the exchange rate that would be applicable if the translation were being done for the purposes of Subdivision 960‑C of the Income Tax Assessment Act 1997. Amounts that are elements in the calculation of other amounts (4) In applying this section: (a) first, translate any amounts that are elements in the calculation of other amounts (except amounts covered by subsection (5)); and (b) then, calculate the other amounts. Exception for simplified MRRT method (5) However, in applying this section: (a) calculate an \*entity’s profit worked out under section 200‑15 without translation; and (b) then, translate that profit.