PETROLEUM RESOURCE RENT TAX ASSESSMENT REGULATIONS 2005 (REPEALED)

PART 5 - THE RESIDUAL PRICING METHOD  

Division 5.3 - Allocating capital costs to years of tax  

REGULATION 33   CAPITAL COSTS INCURRED FOR A UNIT OF PROPERTY COMPLETED OVER SEVERAL YEARS  

33(1)    
For Step 8 of the residual pricing method, this regulation applies to an included capital cost for the taxpayer that is incurred in relation to a unit of property that is constructed over a period of time and for which the last capital cost is incurred in a later financial year (the final cost year ).

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History

Reg 33(1) amended by SLI No 154 of 2013, reg 4 and Sch 1 item 76, by substituting " financial year " for " year of tax " , effective 29 June 2013.

33(2)    
The included capital cost is augmented for the number of calendar years between the start date for the included capital cost and the 1 January of the final cost year.

Note:

Regulations 34 and 35 are also relevant to the included capital cost.

33(3)    
The included capital cost so augmented is taken to be incurred in the final cost year.

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