Section YF 2 — Income Tax Act 2007: Other rules for currency conversion: approved alternatives

YF 2 Other rules for currency conversion: approved alternatives When this section applies (1) This section applies when— (a) a provision other than section YF 1 provides a rate or method for currency conversion; and (b) for the purposes of the provision, a person is required to convert an amount expressed in a currency other than New Zealand currency. Representative rates (2) The Commissioner may set a representative conversion rate that the person may use, instead of the rate or method referred to in subsection (1)(a), in converting the amount into New Zealand currency. Defined in this Act: amount , Commissioner , New Zealand Section YF 2: added (with effect on 1 April 2008), on 7 September 2010 (applying for the 2008–09 and later income years), by section 119(1) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).