Petroleum Resource Rent Tax Assessment Act 1987

PART V - LIABILITY TO TAXATION  

Division 3 - Deductible expenditure  

SECTION 35A   CLASS 2 UPLIFTED EXPLORATION EXPENDITURE  

35A(1)    

For the purposes of this Act, the amount of class 2 uplifted exploration expenditure that a person is taken to have incurred in a financial year in relation to a petroleum project is to be determined in accordance with Part 2 of Schedule 1 .

Note:

the following provisions of Part 2 of Schedule 1 provide for a person to be taken to have incurred an amount of class 2 uplifted exploration expenditure:

paragraph 8(4)(a)

paragraph 8(5)(a) .

35A(2)    

The expenditure to which an amount of class 2 uplifted exploration expenditure is, according to Part 2 of Schedule 1 , attributable, must not be counted again as expenditure incurred, or taken to be incurred, by a person:

(a) when working out the liability of the person to tax in relation to a later financial year; or

(b) when working out, in accordance with Part 2 , 3 or 4 of Schedule 1 , whether there is expenditure that is transferable by the person in relation to a later financial year.

Note:

the following provisions of Part 2 of Schedule 1 deal with the expenditure to which an amount of class 2 uplifted exploration expenditure is attributable:

paragraph 8(4)(b)

paragraph 8(5)(b) and subclauses 8(6) and (7) .