Tax Laws Amendment (2004 Measures No. 7) Act 2005 (41 of 2005)

Schedule 5   Petroleum exploration incentives

Petroleum Resource Rent Tax Assessment Act 1987

11   Paragraph 15(2)(b) of the Schedule

Repeal the paragraph, substitute:

(b) the total of:

(i) any amounts of exploration expenditure (other than designated frontier expenditure) actually incurred by the person; and

(ii) any amounts of uplifted frontier expenditure taken to be incurred by the person in respect of designated frontier expenditure actually incurred by the person;

in relation to the notional project in the financial year exceeds the excess referred to in paragraph (a) by an amount (the non-transferable amount );