Petroleum Resource Rent Tax Assessment Act 1987

PART V - LIABILITY TO TAXATION  

Division 7 - Functional currency  

SECTION 58A  

58A   OBJECTS OF THIS DIVISION  
The objects of this Division are:

(a) to allow a person whose accounts are kept solely or predominantly in a particular foreign currency (the functional currency ) to calculate:

(i) the person's taxable profits; and

(ii) certain other amounts;

by reference to the functional currency; and

(b) to allow companies that:

(i) are in a designated company group; and

(ii) whose accounts are kept solely or predominantly in a particular foreign currency (the functional currency );

to calculate:

(iii) their taxable profits; and

(iv) certain other amounts;

by reference to the functional currency.