Petroleum Resource Rent Tax Assessment Act 1987

Sch 1 heading substituted by No 18 of 2012, s 3 and Sch 4 item 46, effective 1 July 2012. The heading formerly read:

SCHEDULE - PROVISIONS RELATING TO INCURRING AND TRANSFER OF EXPLORATION EXPENDITURE ON OR AFTER 1 JULY 1990

S 37 substituted by No 43 of 2019, s 3 and Sch 1 item 73, effective 1 July 2019. S 37 formerly read:

WHAT HAPPENS IF EXPENDITURE WAS INCURRED IN AN ABR EXPENDITURE YEAR  
37(1)
If the financial year in which the expenditure was incurred:

(a) is an ABR expenditure year in relation to the petroleum project; and

(b) is the financial year immediately before the transfer year;

then, for the purposes of subsection 45D(2) , the transfer is taken to be of the amount worked out by multiplying the amount actually transferred by the augmented bond rate for the ABR expenditure year.

37(2)
If the financial year in which the expenditure was incurred:

(a) is an ABR expenditure year in relation to the project; but

(b) is not the financial year immediately before the transfer year;

the following provisions apply:

(c) work out, in relation to the ABR expenditure year and each later financial year ending before the transfer year, an amount in accordance with the formula:

Transferred amount x Augmented bond rate

where:

Transferred amount means:

(i) in making the calculation in relation to the ABR expenditure year - the amount of expenditure actually transferred; and

(ii) in making the calculation in relation to a later financial year - the amount calculated under this paragraph in relation to the expenditure and the immediately preceding financial year;

Augmented bond rate means the augmented bond rate in relation to the financial year in relation to which the calculation is being made

(d) for the purposes of subsection 45D(2) , the transfer is taken to be of the amount worked out under paragraph (c) in relation to the expenditure and the financial year immediately before the transfer year.