Commonwealth Consolidated Acts

PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987 - SECT 58E

    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.