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 2   Other amendments

Petroleum Resource Rent Tax Assessment Act 1987

50   At the end of Part 1A of the Schedule

Add:

4C Certain onshore or North West Shelf expenditure is not transferable

Despite paragraphs 7(b), 8(5)(c), 11(b), 12(4)(c) and 18(3)(e) of this Schedule and subclauses 18(1) and 18(2) of this Schedule, amounts of exploration expenditure incurred, before 1 July 2012, in relation to:

(a) an onshore petroleum project; or

(b) the North West Shelf project;

are not transferable under section 45A, 45B or 45C.