Tax and Superannuation Laws Amendment (2014 Measures No. 7) Act 2015 (21 of 2015)

Schedule 7   Miscellaneous amendments

Part 2   Other amendments

Petroleum Resource Rent Tax Assessment Act 1987

44   Paragraph 35(1)(a)

Repeal the paragraph, substitute:

(a) any amount of class 1 GDP factor expenditure actually incurred by the person in relation to the project in the financial year, being expenditure incurred more than 5 years before the earlier of the following:

(i) the day specified in the production licence notice in relation to the project;

(ii) the day the production licence was issued in relation to the project; and