Petroleum Resource Rent Tax Assessment Act 1987

SCHEDULE 1 - PROVISIONS RELATING TO INCURRING AND TRANSFER OF EXPLORATION EXPENDITURE ON OR AFTER 1 JULY 1990  

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Sections 2 , 35A , 35B , 45A , 45B and 45D

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History

Sch 1 heading substituted by No 18 of 2012, s 3 and Sch 4 item 46, effective 1 July 2012. The heading formerly read:

SCHEDULE - PROVISIONS RELATING TO INCURRING AND TRANSFER OF EXPLORATION EXPENDITURE ON OR AFTER 1 JULY 1990

PART 5 - GENERAL RULES RELATING TO TRANSFER OF EXPLORATION EXPENDITURE  

23  

23   RULE - TRANSFER TO PROJECT WITH MOST RECENT PRODUCTION LICENCE  
If the expenditure was incurred before the transfer year, the person may not transfer the expenditure to the receiving project in relation to the transfer year if:

(a) there is another petroleum project to which the expenditure could be transferred in relation to the transfer year under section 45A ; and

(b) the other project includes a production licence that was granted more recently than the production licence or licences included in the receiving project.

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