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 4 - TRANSFERABLE EXPLORATION EXPENDITURE NOT INCURRED IN RELATION TO A PROJECT  

13   MATTERS DEALT WITH IN THIS PART  

13(1)    
Subject to subclause (2), this Part deals with the calculation of the amount of expenditure incurred by a person in relation to an exploration permit or retention lease that is transferable from the permit or lease in relation to a financial year. In this Part, the financial year is called the assessable year .

13(1A)    
For the avoidance of doubt, the assessable year may, subject to subclause (2), be a financial year starting after the finishing day in relation to the exploration permit or retention lease.

13(2)    
This Part does not apply to an exploration permit or retention lease in relation to a financial year if a production licence derived from the permit or lease was actually in force at any time during the financial year.

13(3)    
(Repealed by No 18 of 2012)