Petroleum Resource Rent Tax Assessment Act 1987

PART V - LIABILITY TO TAXATION  

Division 7 - Functional currency  

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History

Div 7 inserted by No 47 of 2009 , s 3 and Sch 3 item 19, applicable in relation to instalments and assessments of tax under the Petroleum Resource Rent Tax Assessment Act 1987 for years of tax that start on or after 1 July 2009.

SECTION 58E  

58E   TRANSLATION RULE - ASSESSABLE RECEIPT  
If:

(a) a person derives an assessable receipt in relation to a petroleum project; and

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

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

the receipt is to be translated into the applicable functional currency at the exchange rate applicable at the time when the receipt was derived.

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History

S 58E inserted by No 47 of 2009 , s 3 and Sch 3 item 19, applicable in relation to instalments and assessments of tax under the Petroleum Resource Rent Tax Assessment Act 1987 for years of tax that start on or after 1 July 2009.

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