Petroleum Resource Rent Tax Assessment Act 1987

PART V - LIABILITY TO TAXATION  

Division 3 - Deductible expenditure  

SECTION 35B   CLASS 2 GDP FACTOR EXPENDITURE  

35B(1)    

For the purposes of this Act, the amount of class 2 GDP factor expenditure that a person is taken to have incurred in a financial year in relation to a petroleum project is to be determined in accordance with Part 3 of Schedule 1 .

Note:

the following provisions of Part 3 of Schedule 1 provide for a person to be taken to have incurred an amount of class 2 GDP factor expenditure:

paragraph 12(3)(a)

paragraph 12(4)(a) .

35B(2)    

The expenditure to which an amount of class 2 GDP factor expenditure is, according to Part 3 of Schedule 1 , attributable, must not be counted again as expenditure incurred, or taken to be incurred, by a person:

(a) when working out the liability of the person to tax in relation to a later financial year; or

(b) when working out, in accordance with Part 2 , 3 or 4 of Schedule 1 , whether there is expenditure that is transferable by the person in relation to a later financial year.

Note:

the following provisions of Part 3 of Schedule 1 deal with the expenditure to which an amount of class 2 GDP factor expenditure is attributable:

paragraph 12(3)(b)

paragraph 12(4)(b) and subclauses 12(5) and (6) .