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 2
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CLASS 2 UPLIFTED EXPLORATION EXPENDITURE AND TRANSFERABLE EXPLORATION EXPENDITURE
5
5
INTERPRETATION
In this Part:
(a) the person had not incurred any class 2 uplifted exploration expenditure, class 2 GDP factor expenditure, resource tax expenditure, starting base expenditure, augmented denied deductible expenditure or closing-down expenditure in relation to the project and the financial year; and
(b) any expenditure transferred:
Sections 2 , 35A , 35B , 45A , 45B and 45D
View history note
Hide history noteIn 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) the person had not incurred any class 2 uplifted exploration expenditure, class 2 GDP factor expenditure, resource tax expenditure, starting base expenditure, augmented denied deductible expenditure or closing-down expenditure in relation to the project and the financial year; and
(b) any expenditure transferred:
(i) to the project in relation to the financial year under section 45A ; or
had not been transferred.
(ii) to the person in relation to the project and the financial year under section 45B ;
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