Petroleum Resource Rent Tax Assessment Act 1987

SCHEDULE 1 - PROVISIONS RELATING TO INCURRING AND TRANSFER OF EXPLORATION EXPENDITURE ON OR AFTER 1 JULY 1990  

Sections 2 , 35A , 35B , 45A , 45B and 45D

PART 3 - CLASS 2 GDP FACTOR EXPENDITURE AND TRANSFERABLE EXPLORATION EXPENDITURE  

11  

11   WHAT HAPPENS IF THERE IS NO NOTIONAL TAXABLE PROFIT  
If there is no notional taxable profit in relation to the person, the petroleum project and the assessable year:

(a) the person is taken not to have incurred any class 2 GDP factor expenditure in relation to the assessable year and the project; and

(b) all the expenditure included in the incurred exploration expenditure amounts for the GDP expenditure years is transferable by the person in relation to the assessable year.