Petroleum Resource Rent Tax Assessment Act 1987
SCHEDULE 1
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PROVISIONS RELATING TO INCURRING AND TRANSFER OF EXPLORATION EXPENDITURE ON OR AFTER 1 JULY 1990
PART 5
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GENERAL RULES RELATING TO TRANSFER OF EXPLORATION EXPENDITURE
23
23
RULE
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TRANSFER TO PROJECT WITH MOST RECENT PRODUCTION LICENCE
If the expenditure was incurred before the transfer year, the person may not transfer the expenditure to the receiving project in relation to the transfer year if:
(a) there is another petroleum project to which the expenditure could be transferred in relation to the transfer year under section 45A ; and
(b) the other project includes a production licence that was granted more recently than the production licence or licences included in the receiving project.
Sections 2 , 35A , 35B , 45A , 45B and 45D
View history note
Hide history noteIf the expenditure was incurred before the transfer year, the person may not transfer the expenditure to the receiving project in relation to the transfer year if:
(a) there is another petroleum project to which the expenditure could be transferred in relation to the transfer year under section 45A ; and
(b) the other project includes a production licence that was granted more recently than the production licence or licences included in the receiving project.
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