58BPerson may elect to be bound by the functional currency rules

#### 58B Person may elect to be bound by the functional currency rules (1) A person may elect to be bound by the functional currency rules for the purposes of this Act, with effect from the start of: (a) if the election was made by the person within 30 days after the day on which the Tax Laws Amendment (2009 Measures No. 3) Act 2009 received the Royal Assent—the financial year beginning on 1 July 2009; or (aa) if the election was made by the person within 30 days after the commencement of Schedule 1 to the Petroleum Resource Rent Tax Assessment Amendment Act 2012—1 July 2012; or (b) in any other case—the financial year following the one in which the person made the election. (2) An election under subsection (1) must be in writing. (3) An election under subsection (1) continues in effect until a withdrawal of the election takes effect (see section 58L). Designated company group—deemed election etc. (4) If: (a) a person has made an election under subsection (1); and (b) at the time when the person made the election, the person was the head company of a designated company group; and (c) the election is in effect for a financial year; and (d) when the election took effect, the person was the head company of a designated company group; and (e) immediately before the end of the financial year, the person is the head company of a designated company group (the current designated company group); then: (f) each other company that was in the current designated company group immediately before the end of the financial year is taken to have made an election under subsection (1); and (g) an election covered by paragraph (f): (i) is taken to have been in effect for the financial year; and (ii) supersedes any previous election made by the other company that was in effect for the financial year. (5) If: (a) a person has made an election under subsection (1); and (b) at the time when the person made the election, the person was the head company of a designated company group; and (c) the election is in effect for a financial year; and (d) during the financial year, the person ceased to be the head company of the designated company group; and (e) immediately before the end of the financial year, another company is the head company of the designated company group; then: (f) the company covered by paragraph (e) is taken to have made an election under subsection (1); and (g) an election covered by paragraph (f): (i) is taken to have been in effect for the financial year; and (ii) supersedes any previous election made by the company that was in effect for the financial year; and (h) each other company that was in the designated company group immediately before the end of the financial year is taken to have made an election under subsection (1); and (i) an election covered by paragraph (h): (i) is taken to have been in effect for the financial year; and (ii) supersedes any previous election made by the other company that was in effect for the financial year. (6) If: (a) immediately before the end of a financial year, a person is the head company of a designated company group; and (b) the person is not taken, under subsection (5), to have made an election under subsection (1) that is in effect for the financial year; and (c) the person has not made an election under subsection (1) that: (i) is in effect for the financial year; and (ii) under subsection (4), results in each other company that was in the designated company group immediately before the end of the financial year being taken to have made an election under subsection (1); and (d) a company that was in the designated company group immediately before the end of the financial year has made an election under subsection (1); and (e) the election covered by paragraph (d) is in effect for the financial year; the company covered by paragraph (d) is taken to have withdrawn the election covered by paragraph (d) with effect from the start of the financial year.