Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024 (67 of 2024)

Schedule 3   Capital allowances for mining, quarrying or prospecting rights and clarifying the meaning of exploration for petroleum

Part 2   Clarifying the meaning of exploration for petroleum

Petroleum Resource Rent Tax Assessment Act 1987

8   At the end of section 37

Add:

(4) Subject to subsection (5), for the purposes of paragraph (1)(a), exploration for petroleum means:

(a) discovering petroleum; or

(b) identifying the extent of discovered petroleum; or

(c) identifying the nature of discovered petroleum.

(5) For the purposes of paragraph (1)(a), exploration for petroleum does not include determining:

(a) any of the following in relation to the recovery of petroleum:

(i) commercial viability;

(ii) economic feasibility;

(iii) technical feasibility; or

(b) how to recover any petroleum;

(6) Paragraphs (5)(a) and (b) do not limit each other.