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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.