Tax Laws Amendment (2004 Measures No. 7) Act 2005 (41 of 2005)

Schedule 5   Petroleum exploration incentives

Petroleum Resource Rent Tax Assessment Act 1987

12   Subclause 15(2) of the Schedule

Omit "so much of the exploration expenditure as equals the non-transferable amount is non-transferable expenditure", substitute "so much of the expenditure as equals the non-transferable amount is taken to be non-transferable expenditure".