Commonwealth Consolidated Acts

PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987 - SECT 58A

    The objects of this Division are:

  (a)   to allow a person whose accounts are kept solely or predominantly in a particular foreign currency (the functional currency ) to calculate:

  (i)   the person's taxable profits; and

  (ii)   certain other amounts;

    by reference to the functional currency; and

  (b)   to allow companies that:

  (i)   are in a designated company group; and

  (ii)   whose accounts are kept solely or predominantly in a particular foreign currency (the functional currency );

    to calculate:

  (iii)   their taxable profits; and

  (iv)   certain other amounts;

    by reference to the functional currency.