Commonwealth Consolidated Acts

PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987 - SECT 58F

    If:

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

  (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.