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Petroleum Resource Rent Tax Assessment Act 1987
58FTranslation rule—eligible real expenditure
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58F Translation rule—eligible real expenditure
If: (a) a person incurs eligible real expenditure in relation to a petroleum project; and (b) the expenditure is not in the applicable functional currency; and (c) the expenditure was incurred when an election made by the person under section 58B was in effect; the expenditure is to be translated into the applicable functional currency at the exchange rate applicable at the time the expenditure was incurred.