Petroleum Resource Rent Tax Assessment Act 1987
58AObjects of this Division
Start here
Get a plain-English read of 58A
Turn the raw legal text into a practical explanation grounded in Petroleum Resource Rent Tax Assessment Act 1987.
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.