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 6 - RULES RELATING TO TRANSFER OF EXPLORATION EXPENDITURE BETWEEN GROUP COMPANIES  

34  

34   RULE - RESTRICTION ON TRANSFER OF GDP EXPENDITURE  
The loss company may not transfer the expenditure to the profit company in relation to the receiving project and 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 loss company, or another loss company, could transfer to the profit company in relation to the receiving project and the transfer year under section 45B ; and

(c) the 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 34 amended by No 43 of 2019, s 3 and Sch 1 item 72, by substituting " a standard uplift expenditure " for " an ABR expenditure " in para (c)(i), effective 1 July 2019.

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