Petroleum Resource Rent Tax Assessment Act 1987
This section applies if a person transfers an amount of expenditure:
(a) to a petroleum project in relation to a financial year under section 45A ; or
(b) to a company in relation to a petroleum project and a financial year under section 45B .
45D(2)
If the expenditure was incurred in an earlier financial year, then, for the purposes of this Act other than subsection (3), the transfer is taken to be a transfer of the amount worked out in accordance with Part 7 of Schedule 1 .
View history note
Hide history note45D(3)
The expenditure transferred (disregarding the effect of subsection (2)):
(a) must not be transferred again in relation to the financial year; and
(b) must not be counted again as expenditure incurred, or taken to be incurred, by a person:
(i) when working out the liability of the person to tax in relation to a later financial year; or
(ii) 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.
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