58GTranslation rule—transfer of entire entitlement to assessable receipts

#### 58G Translation rule—transfer of entire entitlement to assessable receipts If: (a) section 48 applies in relation to a transaction; and (b) a person is a purchaser (within the meaning of section 48) in relation to the transaction; and (c) the person is taken, under section 48, to have derived or incurred an amount; and (d) the transfer time (within the meaning of section 48) occurred when an election made by the person under section 58B was in effect; and (e) the amount is not in the applicable functional currency; the amount is to be translated into the applicable functional currency at the exchange rate applicable at the transfer time (within the meaning of section 48).