Document ID: chunk:federal_register_of_legislation:C2011C00549:clause:3_58m
Version: federal_register_of_legislation:C2011C00549
Segment Type: clause
Provision Reference: sch 3 cl 58M
Character Range: 39759–42127

58M  Special translation rules—events that happened before the withdrawal of an election took effect

Class 1 augmented bond rate general expenditure, class 1 augmented bond rate exploration expenditure and class 2 augmented bond rate general expenditure

 (1) If:
 (a) a person withdraws an election under section 58B with effect from immediately after the end of a year of tax; and
 (b) the person does not make a fresh election under section 58B with effect from the start of the next year of tax; and
 (c) 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 next year of tax;
 (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 next year of tax;
 (iii) under subsection 34A(4), an amount is taken to be class 2 augmented bond rate general expenditure incurred by the person on the first day of the next year of tax; and
 (d) section 10 requires that the amount be translated into Australian currency;
the amount is to be translated into Australian currency at the exchange rate applicable at the start of the next year of tax.

Class 2 augmented bond rate exploration expenditure, class 2 GDP factor expenditure and transferable exploration expenditure

 (2) For the purpose of working out:
 (a) the class 2 augmented bond rate 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 year of tax in relation to a petroleum project, if:
 (d) a person withdraws an election under section 58B with effect from immediately after the end of an earlier year of tax; and
 (e) the person has not made an election under section 58B with effect from the start of an intervening year of tax; and
 (f) section 10 requires that an amount of expenditure be translated into Australian currency; and
 (g) the expenditure was actually incurred before the withdrawal of the election took effect;
the expenditure is to be translated into Australian currency at the exchange rate applicable at the start of the next year of tax after that earlier year of tax.