58KSpecial translation rules—events that happened before the current election took effect

#### 58K Special translation rules—events that happened before the current election took effect Certain expenditure incurred on the day when section 58B election takes effect (1) If: (a) a person has made an election under section 58B (the current election) with effect from the start of a particular financial year; and (b) any of the following subparagraphs applies: (i) under subsection 33(3), an amount is taken to be class 1 augmented bond rate general expenditure incurred by the person in relation to a petroleum project on the first day of the financial year; (ii) under subsection 34(3), an amount is taken to be class 1 augmented bond rate exploration expenditure incurred by the person in relation to a petroleum project on the first day of the financial year; (iii) under subsection 34A(4), an amount is taken to be class 2 uplifted general expenditure incurred by the person on the first day of the financial year; (iv) under subsection 35C(5), an amount is taken to be resource tax expenditure incurred by the person in relation to a petroleum project on the first day of the financial year; (vi) under subsections 35E(1) and (1B), or under subsection 35E(3), an amount is taken to be starting base expenditure incurred by the person in relation to a petroleum project on the first day of the financial year; (vii) the person has a starting base amount in relation to an interest in a petroleum project; and (c) as a result of the current election, section 58D requires that the amount be translated into the applicable functional currency; the amount is to be translated into the applicable functional currency at the exchange rate applicable when the current election took effect. Class 2 uplifted exploration expenditure, class 2 GDP factor expenditure and transferable exploration expenditure (2) For the purpose of working out: (a) the class 2 uplifted exploration expenditure; or (b) the class 2 GDP factor expenditure; or (c) the transferable exploration expenditure; that a person is taken to have incurred in a financial year in relation to a petroleum project, if: (d) the person has made an election (the current election) under section 58B; and (e) the current election is in effect for the financial year; and (f) section 58D requires that an amount of expenditure be translated into the applicable functional currency; and (g) the expenditure was actually incurred before the current election took effect; the expenditure is to be translated into the applicable functional currency at the exchange rate applicable when the current election took effect.