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 7 - COMPOUNDING OF TRANSFERRED AMOUNTS  

38  

38   TRANSFER YEARS THAT START BEFORE 1 JULY 2019 - EXPENDITURE INCURRED IN A GDP EXPENDITURE YEAR  

If:

(aa) the transfer year starts before 1 July 2019; and

(ab) the financial year in which the expenditure was incurred (the expenditure year ) is a GDP expenditure year in relation to the project;

the following provisions apply:

(a) work out, in relation to the expenditure year and each later financial year ending before the transfer year, an amount in accordance with the formula:
Transferred amount x GDP factor
where:

Transferred amount
means:

(i) in making the calculation in relation to the expenditure year - the amount of expenditure actually transferred; and

(ii) in making the calculation in relation to a later financial year - the amount calculated under this paragraph in relation to the expenditure and the immediately preceding financial year;

GDP factor
means the GDP factor in relation to the financial year in relation to which the calculation is being made;

(b) for the purposes of subsection 45D(2) , the transfer is taken to be of the amount worked out under paragraph (a) in relation to the expenditure and the financial year immediately before the transfer year.