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 58F  

58F   TRANSLATION RULE - ELIGIBLE REAL EXPENDITURE  
If:

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

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(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.

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History

S 58F amended by No 88 of 2013, s 3 and Sch 7 item 104, by substituting " eligible real expenditure " for " deductible expenditure " in para (a), effective 1 July 2012.

S 58F 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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