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 3 - CLASS 2 GDP FACTOR EXPENDITURE AND TRANSFERABLE EXPLORATION EXPENDITURE  

9  

9   INTERPRETATION  

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In this Part:

notional taxable profit
, in relation to a person, a petroleum project and a financial year, means the amount (if any) that would be the taxable profit under subsection 22(1) or (2) in relation to the person, the project and the financial year if:

(a) the person had not incurred any class 2 GDP factor expenditure, resource tax expenditure, starting base expenditure, augmented denied deductible expenditure or closing-down expenditure in relation to the project and the financial year; and

(b) any expenditure transferred:

(i) to the project in relation to the financial year under section 45A ; or

(ii) to the person in relation to the project and the financial year under section 45B ;

had not been transferred.

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Definition of " notional taxable profit " amended by No 37 of 2024, s 3 and Sch 5 items 12 and 13, by inserting " under subsection 22(1) or (2) " and " , augmented denied deductible expenditure " in para (a), effective 1 July 2024. For application provisions, see note under s 22(3) .

Definition of " notional taxable profit " amended by No 43 of 2019, s 3 and Sch 2 item 76, by omitting " acquired exploration expenditure, " after " resource tax expenditure, " in para (a), effective 1 July 2019. For application, transitional and savings provisions, see note under s 31AA .

Definition of " notional taxable profit " amended by No 18 of 2012, s 3 and Sch 4 item 52, by inserting " , resource tax expenditure, acquired exploration expenditure, starting base expenditure " after " class 2 GDP factor expenditure " in para (a), effective 1 July 2012.

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