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 1A - SPECIAL RULES RELATING TO THE TRANSFER OF CERTAIN EXPENDITURE  

4B   GREATER SUNRISE TRANSFERABLE EXPLORATION EXPENDITURE MUST BE ADJUSTED  
Transfers from a Greater Sunrise project

4B(1)    
If, in relation to a year of tax, transferable exploration expenditure is transferred from a Greater Sunrise project to a petroleum project other than a Greater Sunrise project, the amount of that expenditure for the purposes of the other petroleum project is taken to be the amount worked out using the following formula:

Amount transferred × Apportionment percentage figure

100

where:

amount transferred
means the amount transferred, in relation to the year of tax, from the Greater Sunrise project before that amount is reduced by the operation of this subclause.

apportionment percentage figure
has the meaning given by subsection 2C(2) .

Transfers to a Greater Sunrise project

4B(2)    
If, in relation to a year of tax, transferable exploration expenditure is transferred to a Greater Sunrise project from a petroleum project other than a Greater Sunrise project, the amount of that expenditure for the purposes of the Greater Sunrise project is taken to be the amount worked out using the following formula:

	Amount transferred × 100
	Apportionment percentage figure

where:

amount transferred
means the amount transferred, in relation to the year of tax, from the project other than the Greater Sunrise project before that amount is increased by the operation of this subclause.

apportionment percentage figure
has the meaning given by subsection 2C(2) .