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  

25  

25   RULE - RESTRICTION ON TRANSFER OF GDP EXPENDITURE  
The person may not transfer the expenditure to the receiving project in relation to the transfer year if:

(a) the expenditure was incurred in a GDP expenditure year in relation to the receiving project; and

(b) there is other expenditure that the person could transfer to the receiving project in relation to the transfer year under section 45A ; and

(c) that other expenditure was incurred in:

(i) a standard uplift expenditure year in relation to the receiving project; or

(ii) an earlier GDP expenditure year in relation to the receiving project.

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History

S 25 amended by No 43 of 2019, s 3 and Sch 1 item 68, by substituting " a standard uplift expenditure " for " an ABR expenditure " in para (c)(i), effective 1 July 2019.

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