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 2 - CLASS 2 UPLIFTED EXPLORATION EXPENDITURE AND TRANSFERABLE EXPLORATION EXPENDITURE  

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Pt 2 heading amended by No 43 of 2019, s 3 and Sch 1 item 37, by substituting " Class 2 uplifted " for " Class 2 augmented bond rate " , effective 1 July 2019.

7  

7   WHAT HAPPENS IF THERE IS NO NOTIONAL TAXABLE PROFIT  
If there is no notional taxable profit in relation to the person, the petroleum project and the assessable year:

(a) the person is taken not to have incurred any class 2 uplifted exploration expenditure in relation to the project and the assessable year; and

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(b) all the expenditure included in the incurred exploration expenditure amounts for the uplift expenditure years is transferable by the person in relation to the assessable year.

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S 7 amended by No 43 of 2019, s 3 and Sch 1 items 41 and 42, by substituting " class 2 uplifted " for " class 2 augmented bond rate " in para (a) and " standard uplift expenditure " for " ABR expenditure " in para (b), effective 1 July 2019.

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