Treasury Laws Amendment (2019 Petroleum Resource Rent Tax Reforms No. 1) Act 2019 (43 of 2019)

Schedule 1   Reform of the petroleum resource rent tax

Part 2   Standard uplift expenditure

Petroleum Resource Rent Tax Assessment Act 1987

75   Clause 38 of Schedule 1

Omit "If the financial year in which the expenditure was incurred is a GDP expenditure year the following provisions apply:", substitute:

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: