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Petroleum Resource Rent Tax Assessment Act 1987
58AObjects of this Division
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#### 58A Objects of this Division
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.