Document ID: chunk:federal_register_of_legislation:C2024C00818:section:58k
Version: federal_register_of_legislation:C2024C00818
Segment Type: section
Provision Reference: s 58K
Character Range: 212739–215337

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.