Petroleum Resource Rent Tax Assessment Act 1987
For the purposes of this Act, a reference to the augmented denied deductible expenditure incurred by a person in a financial year in relation to a petroleum project is a reference to: (a) if the petroleum project is not a combined project - any amount that is taken by subsection (2) or Division 5 to be augmented denied deductible expenditure incurred by the person in relation to the project in the financial year; or (b) if the petroleum project is a combined project:
(i) any amount that is taken by subsection (2) or Division 5 to be augmented denied deductible expenditure incurred by the person in relation to the project in the financial year; or
(ii) if the financial year is the year in which the project combination certificate in relation to the project came into force - each amount that is taken by subsection (2) or Division 5 to be augmented denied deductible expenditure incurred by the person in relation to the pre-combination projects in the financial year.
Amounts uplifted from previous financial year
35F(2)
If: (a) a person has a denied deduction amount worked out under subsection 22(3) or (4) in relation to a project and a financial year (the assessable year ); and (b) the sum of:
(i) the deductible expenditure incurred by the person in relation to the project in the assessable year; and
(ii) the total of the amounts (if any) transferred by the person to the project in relation to the assessable year under section 45A ; and
equals or exceeds the assessable receipts derived by the person in the assessable year in relation to the project;
(iii) the total of the amounts (if any) transferred by another person to the person in relation to the project and the assessable year under section 45B ;
the person is taken to incur, in relation to the project and on the first day of the next financial year, an amount of augmented denied deductible expenditure worked out in accordance with the formula:
| Available excess × LTBR |
where:
available excess
means the sum of:
(a) so much of the excess as does not exceed the amount (if any) of augmented denied deductible expenditure incurred by the person in relation to the project in the assessable year; and
(b) the denied deduction amount.
LTBR
means the long-term bond rate in relation to the assessable year plus 1.
View history note
Hide history note
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
