Document ID: chunk:federal_register_of_legislation:C2011C00549:clause:3_58k
Version: federal_register_of_legislation:C2011C00549
Segment Type: clause
Provision Reference: sch 3 cl 58K
Character Range: 36346–38545

58K  Special translation rules—events that happened before the current 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 has made an election under section 58B (the current election) with effect from the start of a particular year of tax; 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 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 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 year of tax; 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 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) the person has made an election (the current election) under section 58B; and
 (e) the current election is in effect for the year of tax; 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.