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;".