Petroleum Resource Rent Tax Assessment Act 1987

PART V - LIABILITY TO TAXATION  

Division 7 - Functional currency  

SECTION 58G  

58G   TRANSLATION RULE - TRANSFER OF ENTIRE ENTITLEMENT TO ASSESSABLE RECEIPTS  
If:

(a) section 48 applies in relation to a transaction; and

(b) a person is a purchaser (within the meaning of section 48 ) in relation to the transaction; and

(c) the person is taken, under section 48 , to have derived or incurred an amount; and

(d) the transfer time (within the meaning of section 48 ) occurred when an election made by the person under section 58B was in effect; and

(e) the amount is not in the applicable functional currency;

the amount is to be translated into the applicable functional currency at the exchange rate applicable at the transfer time (within the meaning of section 48 ).