Petroleum Resource Rent Tax Assessment Act 1987

PART V - LIABILITY TO TAXATION  

Division 3 - Deductible expenditure  

SECTION 32  

32   DEDUCTIBLE EXPENDITURE  
For the purposes of this Act, a reference to the deductible expenditure incurred by a person in a financial year in relation to a petroleum project (not being an ineligible project in relation to the financial year) is a reference to the total expenditure of the following kinds incurred by the person in the financial year in relation to the project:

(a)    class 1 augmented bond rate general expenditure;

(b)    class 1 augmented bond rate exploration expenditure;

(c)    

class 2 uplifted general expenditure;

(d)    class 1 GDP factor expenditure;

(e)    

class 2 uplifted exploration expenditure;

(f)    class 2 GDP factor expenditure;

(fa)    

resource tax expenditure;

(fb) (Repealed by No 43 of 2019)

(fc)    

starting base expenditure;

(fd)    

augmented denied deductible expenditure;

(g)    closing-down expenditure.