PETROLEUM RESOURCE RENT TAX ASSESSMENT REGULATIONS 2005 (REPEALED)

PART 5 - THE RESIDUAL PRICING METHOD  

Division 5.3 - Allocating capital costs to years of tax  

REGULATION 33   CAPITAL COSTS INCURRED FOR A UNIT OF PROPERTY COMPLETED OVER SEVERAL YEARS  

33(1)    
For Step 8 of the residual pricing method, this regulation applies to an included capital cost for the taxpayer that is incurred in relation to a unit of property that is constructed over a period of time and for which the last capital cost is incurred in a later financial year (the final cost year ).

33(2)    
The included capital cost is augmented for the number of calendar years between the start date for the included capital cost and the 1 January of the final cost year.

Note:

Regulations 34 and 35 are also relevant to the included capital cost.

33(3)    
The included capital cost so augmented is taken to be incurred in the final cost year.