Petroleum Resource Rent Tax Assessment Amendment Act 2012 (18 of 2012)

Schedule 4   Starting base for onshore petroleum projects and the North West Shelf project

Part 1   Main amendments

Petroleum Resource Rent Tax Assessment Act 1987

14   After paragraph 48A(5)(c)

Insert:

(ca) if:

(i) section 35E does not apply in relation to the transfer year; and

(ii) the look-back approach is not the valuation approach for vendor's interest in the project under Part 2 of Schedule 2;

to have incurred starting base expenditure, in relation to the project, of the transfer percentage of the starting base amount in relation to the vendor's interest; and