Petroleum Resource Rent Tax Assessment Act 1987

PART V - LIABILITY TO TAXATION  

Division 3 - Deductible expenditure  

SECTION 32  

32   DEDUCTIBLE EXPENDITURE  
For the purposes of this Act, a reference to the deductible expenditure incurred by a person in a financial year in relation to a petroleum project (not being an ineligible project in relation to the financial year) is a reference to the total expenditure of the following kinds incurred by the person in the financial year in relation to the project:

(a)    class 1 augmented bond rate general expenditure;

(b)    class 1 augmented bond rate exploration expenditure;

(c)    

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class 2 uplifted general expenditure;

(d)    class 1 GDP factor expenditure;

(e)    

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class 2 uplifted exploration expenditure;

(f)    class 2 GDP factor expenditure;

(fa)    

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resource tax expenditure;

(fb) (Repealed by No 43 of 2019)

(fc)    

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starting base expenditure;

(fd)    

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augmented denied deductible expenditure;

(g)    closing-down expenditure.

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History

S 32 amended by No 37 of 2024, s 3 and Sch 5 item 4, by inserting para (fd), effective 1 July 2024. For application provisions, see note under s 22(3) .

S 32 amended by No 43 of 2019, s 3 and Sch 2 item 41, by repealing para (fb), effective 1 July 2019. For application, transitional and savings provisions, see note under s 31AA . Para (fb) formerly read:

(fb) acquired exploration expenditure;

S 32 amended by No 43 of 2019, s 3 and Sch 1 item 6, by substituting " class 2 uplifted " for " class 2 augmented bond rate " in para (c) and (e), effective 1 July 2019.

S 32 amended by No 18 of 2012, s 3 and Sch 4 item 8, by inserting paras (fb) and (fc), effective 1 July 2012.

S 32 amended by No 18 of 2012, s 3 and Sch 3 item 7, by inserting para (fa), effective 1 July 2012.

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