Petroleum Resource Rent Tax Assessment Act 1987

PART V - LIABILITY TO TAXATION  

Division 3A - Transfer of exploration expenditure incurred on or after 1 July 1990  

SECTION 45D   EFFECT OF TRANSFER OF EXPENDITURE  

45D(1)    
This section applies if a person transfers an amount of expenditure:

(a) to a petroleum project in relation to a financial year under section 45A ; or

(b) to a company in relation to a petroleum project and a financial year under section 45B .

45D(2)    

If the expenditure was incurred in an earlier financial year, then, for the purposes of this Act other than subsection (3), the transfer is taken to be a transfer of the amount worked out in accordance with Part 7 of Schedule 1 .

45D(3)    
The expenditure transferred (disregarding the effect of subsection (2)):

(a) must not be transferred again in relation to the financial year; and

(b) must not be counted again as expenditure incurred, or taken to be incurred, by a person:

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

(ii) 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.