Taxation Laws Amendment Act (No. 4) 1994 (181 of 1994)
Schedule 1 AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936
Part 1 MINING AND PETROLEUM CASH BIDDING
7 Paragraphs 124ABA(5)(a) and (b)
Omit the paragraphs, substitute:
"(a) a production licence is related to an exploration permit if:
(i) because of the grant of the production licence, the exploration permit ceases to be in force in respect of:
(A) in the case of a production licence under Part III of the Petroleum Act - the block or blocks in respect of which the production licence is granted; or
(B) in any other case - the whole or part of the area in respect of which the production licence is granted; or
(ii) because of the grant of the production licence, a retention lease that is related to the exploration permit ceases to be in force in respect of:
(A) in the case of a production licence under Part III of the Petroleum Act - a block or blocks in respect of which a production licence is granted; or
(B) in any other case - the whole or part of the area in respect of which the production licence is granted;
(b) a retention lease is related to an exploration permit if, because of the grant of the retention lease, the exploration permit ceases to be in force in respect of:
(i) in the case of a retention lease under Part III of the Petroleum Act - the block or blocks in respect of which the retention lease is granted; or
(ii) in any other case - the whole or part of the area in respect of which the retention lease is granted;".