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 5 - GENERAL RULES RELATING TO TRANSFER OF EXPLORATION EXPENDITURE  

19  

19   INTERPRETATION  

In this Part:

notional taxable profit
, in relation to a person, a petroleum project and a financial year, means the amount (if any) that would be the taxable profit under subsection 22(1) or (2) in relation to the person, the project and the financial year if:

(a) all deductible expenditure in relation to the person, the project and the financial year were taken into account; and

(b) any expenditure transferred:

(i) to the project in relation to the financial year under section 45A ; or

(ii) to the person in relation to the project and the financial year under section 45B ;

had not been transferred.