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Petroleum Resource Rent Tax Assessment Act 1987
58ETranslation rule—assessable receipt
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#### 58E Translation rule—assessable receipt
If:
(a) a person derives an assessable receipt in relation to a petroleum project; and
(b) the receipt is not in the applicable functional currency; and
(c) the receipt was derived when an election made by the person under section 58B was in effect;
the receipt is to be translated into the applicable functional currency at the exchange rate applicable at the time when the receipt was derived.