Commonwealth Consolidated Acts

PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987 - SECT 58H

    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).