PART V
-
LIABILITY TO TAXATION
Division 3A
-
Transfer of exploration expenditure incurred on or after 1 July 1990
SECTION 45B
TRANSFER OF EXPENDITURE
-
GROUP COMPANIES
45B(1)
This section applies where:
(a)
a number of companies are group companies in relation to each other and a financial year; and
(b)
there is unused transferable exploration expenditure in relation to some of the companies (each of which is in this section called a
loss company
) and the financial year.
45B(2)
In relation to the financial year, each loss company must transfer, to such of the other companies as are not loss companies and in relation to specified petroleum projects, as much of the loss company
'
s unused transferable exploration expenditure as can be transferred in accordance with the rules set out in Part
6
of Schedule
1
.
History
S 45B(2) amended by No 18 of 2012, s 3 and Sch 4 item 38, by substituting
"
Schedule 1
"
for
"
the Schedule
"
, effective 1 July 2012.
45B(3)
A transfer of expenditure under this section in relation to a financial year:
(a)
must be made by completing a transfer notice and giving it to the Commissioner not later than 60 days after the end of the financial year or such later day as the Commissioner allows; and
(b)
subject to subsection (4), takes effect when the notice is given to the Commissioner.
History
S 45B(3) amended by No 78 of 2006, s 3 and Sch 5 item 11, by substituting
"
60 days
"
for
"
42 days
"
in para (a), applicable only in relation to returns, assessments, notices and certificates under the
Petroleum Resource Rent Tax Assessment Act 1987
in relation to financial years that start on or after 1 July 2006.
45B(4)
A purported transfer of expenditure under this section has no effect if the transfer is not in accordance with the rules set out in Part
6
of Schedule
1
.
History
S 45B(4) amended by No 18 of 2012, s 3 and Sch 4 item 38, by substituting
"
Schedule 1
"
for
"
the Schedule
"
, effective 1 July 2012.
45B(5)
A person commits an offence if the person contravenes this section.
Penalty: 20 penalty units.
History
S 45B(5) substituted by No 78 of 2006, s 3 and Sch 5 item 12, applicable only in relation to returns, assessments, notices and certificates under the
Petroleum Resource Rent Tax Assessment Act 1987
in relation to financial years that start on or after 1 July 2006. S 45B(5) formerly read:
45B(5)
A person who contravenes this section is guilty of an offence punishable, on conviction, by a fine not exceeding $2,000.
S 45B(5) amended by No 146 of 2001, s 3 and Sch 4 item 109, by omitting
"
, without reasonable excuse,
"
after
"
A person who
"
, applicable to acts and omissions that take place after December 15. If an act or omission is alleged to have taken place between 2 dates, one before and one on or after December 15, the act or omission is alleged to have taken place before December 15.
45B(5A)
Subsection (5) does not apply to the extent that the person has a reasonable excuse.
Note:
A defendant bears an evidential burden in relation to the matters in subsection (5A), see subsection 13.3(3) of the
Criminal Code
.
History
S 45B(5A) inserted by No 146 of 2001, s 3 and Sch 4 item 110, applicable to acts and omissions that take place after December 15. If an act or omission is alleged to have taken place between 2 dates, one before and one on or after December 15, the act or omission is alleged to have taken place before December 15.
45B(5B)
An offence under this section is an offence of strict liability.
Note:
For
strict liability
, see section 6.1 of the
Criminal Code
.
History
S 45B(5B) inserted by No 146 of 2001, s 3 and Sch 4 item 111, applicable to acts and omissions that take place after December 15. If an act or omission is alleged to have taken place between 2 dates, one before and one on or after December 15, the act or omission is alleged to have taken place before December 15.
45B(6)
In this section:
transfer notice
means a written notice in the approved form.
unused transferable exploration expenditure
, in relation to a company and a financial year, means so much of the transferable exploration expenditure in relation to the company and the financial year as is not transferred, or to be transferred, under section
45A
.
History
S 45B(6) amended by No 41 of 2005, s 3 and Sch 10 item 227, by substituting
"
approved form
"
for
"
form approved by the Commissioner for the purposes of this section
"
in the definition of
"
transfer notice
"
, effective 1 April 2005. Act No 41 of 2005, s 3 and Sch 10 item 230 contains the following transitional provision:
Transitional
230
An approval of a form for the purposes of the
Petroleum Resource Rent Tax Assessment Act 1987
that was in force immediately before the commencement of this item has effect after that commencement as if it had been done under section
388-50
in Schedule
1
to the
Taxation Administration Act 1953
.
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