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 6 - RULES RELATING TO TRANSFER OF EXPLORATION EXPENDITURE BETWEEN GROUP COMPANIES  

35  

35   RULE - TOTAL TRANSFERRED NOT TO EXCEED NOTIONAL TAXABLE PROFIT  
The total amount of transferable expenditure transferred under section 45B to the profit company in relation to the receiving project and the transfer year must not exceed the notional taxable profit in relation to the profit company, the receiving project and the transfer year.

Note: because of subsection 45D(2) , some transfers of expenditure are taken to be transfers of amounts compounded in accordance with Part 7 of this Schedule.