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What to do when transferring project interests

Where a petroleum project interest is transferred to another taxpayer, any undeducted starting base amounts attributable to the project or petroleum title are to be transferred to the transferee.

To enable the transferee to continue to deduct the starting base amount, the transferor is expected to give the transferee sufficient information to complete fully their return in relation to starting base expenditure.

    Last modified: 03 Jul 2012QC 25072