Petroleum Resource Rent Tax Assessment Act 1987

PART V - LIABILITY TO TAXATION  

Division 7 - Functional currency  

SECTION 58F  

58F   TRANSLATION RULE - ELIGIBLE REAL EXPENDITURE  
If:

(a) a person incurs eligible real expenditure in relation to a petroleum project; and

(b) the expenditure is not in the applicable functional currency; and

(c) the expenditure was incurred when an election made by the person under section 58B was in effect;

the expenditure is to be translated into the applicable functional currency at the exchange rate applicable at the time the expenditure was incurred.