Petroleum Resource Rent Tax Assessment Act 1987

PART V - LIABILITY TO TAXATION  

Division 3 - Deductible expenditure  

SECTION 35A   CLASS 2 UPLIFTED EXPLORATION EXPENDITURE  

35A(1)    

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For the purposes of this Act, the amount of class 2 uplifted exploration expenditure that a person is taken to have incurred in a financial year in relation to a petroleum project is to be determined in accordance with Part 2 of Schedule 1 .

Note:

the following provisions of Part 2 of Schedule 1 provide for a person to be taken to have incurred an amount of class 2 uplifted exploration expenditure:

paragraph 8(4)(a)

paragraph 8(5)(a) .

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History

S 35A(1) amended by No 43 of 2019, s 3 and Sch 1 items 16 and 17, by substituting " class 2 uplifted " for " class 2 augmented bond rate " and " class 2 uplifted " for " class 2 augmented bond rate " in the note, effective 1 July 2019.

S 35A(1) amended by No 18 of 2012, s 3 and Sch 4 items 27 and 28, by substituting " Schedule 1 " for " the Schedule " , effective 1 July 2012.

35A(2)    

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The expenditure to which an amount of class 2 uplifted exploration expenditure is, according to Part 2 of Schedule 1 , attributable, must not be counted again as expenditure incurred, or taken to be incurred, by a person:

(a) when working out the liability of the person to tax in relation to a later financial year; or

(b) when working out, in accordance with Part 2 , 3 or 4 of Schedule 1 , whether there is expenditure that is transferable by the person in relation to a later financial year.

Note:

the following provisions of Part 2 of Schedule 1 deal with the expenditure to which an amount of class 2 uplifted exploration expenditure is attributable:

paragraph 8(4)(b)

paragraph 8(5)(b) and subclauses 8(6) and (7) .

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History

S 35A(2) amended by No 43 of 2019, s 3 and Sch 1 items 18 and 19, by substituting " class 2 uplifted " for " class 2 augmented bond rate " and " class 2 uplifted " for " class 2 augmented bond rate " in the note, effective 1 July 2019.

S 35A(2) amended by No 18 of 2012, s 3 and Sch 4 items 29 and 30, by substituting " Schedule 1 " for " the Schedule " , effective 1 July 2012.

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