185‑5 Objects of this Division185‑5 Objects of this Division

185‑5 Objects of this Division

The objects of this Division are: (a) to set out a basic rule requiring an amount in a *foreign currency to be translated into Australian currency (subject to the functional currency rules and certain specific rules); and (b) in order to reduce compliance costs, to require an *entity that uses a functional currency for income tax purposes to use the same functional currency for MRRT; and (c) to apply rules for identifying the exchange rate for the translation of amounts that are the same rules as apply for income tax purposes.