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

Schedule 5   Petroleum exploration incentives

Petroleum Resource Rent Tax Assessment Act 1987

14   Paragraph 15(4)(c) of the Schedule

Repeal the paragraph, substitute:

(c) add amounts in accordance with the following rules:

(i) start with the oldest amount of any exploration expenditure (other than designated frontier expenditure) incurred, or any uplifted frontier expenditure taken to be incurred, by the person in the financial year;

(ii) add to that, in order starting with the next oldest amount, each of the other amounts incurred, or taken to be incurred, by the person in the financial year;

(iii) if adding an amount of expenditure would make the total exceed the non-transferable amount, add only so much of the amount as makes the total equal the non-transferable amount and do not add any later amount of expenditure;