Petroleum Resource Rent Tax Assessment Act 1987

PART V - LIABILITY TO TAXATION  

Division 7 - Functional currency  

SECTION 58C   APPLICABLE FOREIGN CURRENCY  

58C(1)    

For the purposes of this Act, if:

(a) a person has made an election under section 58B (other than an election taken to have been made as a result of the application of subsection 58B(4) or paragraph 58B(5)(h) to a designated company group); and

(b) the election is in effect for a financial year;

the person's applicable functional currency for the financial year is the sole or predominant foreign currency in which:

(c) if the person is the head company of a designated company group - the person kept the person's accounts immediately before the end of the financial year; or

(d) otherwise - the person kept the person's accounts at the time when the person made the election.

Designated company group

58C(2)    

For the purposes of this Act, if:

(a) a person is taken to have made an election under section 58B as a result of the application of subsection 58B(4) or paragraph 58B(5)(h) to a designated company group; and

(b) the election is in effect for a financial year;

the person's applicable functional currency for the financial year is the sole or predominant currency in which the head company of the designated company group kept its accounts immediately before the end of the financial year.