Petroleum Resource Rent Tax Assessment Act 1987

PART V - LIABILITY TO TAXATION  

Division 7 - Functional currency  

SECTION 58L   WITHDRAWAL OF ELECTION  

58L(1)    

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 person's applicable functional currency has ceased to be the sole or predominant currency in which the person keeps the person's accounts;

the person may withdraw the election with effect from immediately after the end of the financial year in which the person withdraws the election.

58L(2)    
A withdrawal must be in writing.

58L(3)    
Withdrawing an election does not prevent the person from making a fresh election under section 58B .

Designated company groups - deemed withdrawal of election etc

58L(4)    

If:

(a) a person withdraws an election under section 58B with effect from immediately after the end of the financial year in which the person withdraws the election; and

(b) at the time when the withdrawal is made, the person is the head company of a designated company group;

each other company in the designated company group is taken to have withdrawn the other company's section 58B election with effect from immediately after the end of the financial year.