Petroleum Resource Rent Tax Assessment Amendment Act 2012 (18 of 2012)
Schedule 4 Starting base for onshore petroleum projects and the North West Shelf project
Part 1 Main amendments
Petroleum Resource Rent Tax Assessment Act 1987
12 After subparagraph 48(1)(a)(ia)
Insert:
(ib) if section 35E does not apply in relation to the financial year in which the transaction is or was entered into, and the look-back approach is not the valuation approach for vendor's interest in the project under Part 2 of Schedule 2 - to have incurred starting base expenditure, in relation to the project, of the starting base amount in relation to the vendor's interest; and
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