According to this Draft TD, released on Wed 19.12.2012, a consolidated special purpose financial report (SPFS) of a head company of a tax consolidated group cannot satisfy clause 1.1 of Sch 2 to the Income Tax Assessment Regulations 1997where transactions within the same class are translated using inconsistent methodologies.
DATE OF EFFECT: When the final Determination is issued, it is proposed to apply both before and after its date of issue.
COMMENTS are due by 1 February 2013. ATO contact: Sharyn Cheetham – Tel: (02) 6216 1037; Fax: (02) 6216 1250; Email: sharyn.cheetham@ato.gov.au.
[LTN 246, 19/12]]