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 2 - CLASS 2 UPLIFTED EXPLORATION EXPENDITURE AND TRANSFERABLE EXPLORATION EXPENDITURE  

6   MATTERS DEALT WITH IN THIS PART  

6(1)    
This Part deals with:

(a) the calculation of 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; and

(b) the calculation of the amount of expenditure incurred by the person in relation to the project in standard uplift expenditure years that is transferable from the project in relation to the financial year.

In this Part, the financial year is called the assessable year .

6(2)    
For the avoidance of doubt, the assessable year may be a financial year starting after the finishing day in relation to the petroleum project.