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 58H  

58H   TRANSLATION RULE - TRANSFER OF PART OF ENTITLEMENT TO ASSESSABLE RECEIPTS  
If:

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

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

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

(d) the transfer time (within the meaning of section 48A ) 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 48A ).

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History

S 58H 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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