TD 2006/4 - 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?

Australian Taxation Office

Australia - Commonwealth

Legislation Cited

Legislation Name	Provision
Corporations Act 2001 (Cth)	s70, s285, s292, s293, s294, s296, s317, s960
Income Tax Assessment Act 1936 (Cth)
Taxation Administration Act 1953 (Cth)

Case Name	Citation(s)	Court	Jurisdiction	Date †	Full Text		Citation Index
FCT v F H Faulding & Co Ltd	[1950] HCA 42; (1950) 83 CLR 594; [1950] ALR 862; (1950) 9 ATD 201	High Court of Australia	Australia - Commonwealth	2 Nov 1950	AustLII		16

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