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 6 - RULES RELATING TO TRANSFER OF EXPLORATION EXPENDITURE BETWEEN GROUP COMPANIES  

27  

27   INTERPRETATION  


In this Part:

notional taxable profit
, in relation to a company, 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 company, the project and the financial year if:


(a) all deductible expenditure in relation to the company, the project and the financial year were taken into account; and


(b) all expenditure to be transferred by the company to the project in relation to the financial year under section 45A had been transferred; and


(c) any expenditure transferred to the company in relation to the project and the financial year under section 45B had not been transferred.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.