• Section B: Deductible expenditure incurred

    Complete one column of section B for each year in which the entity has done any of the following:

    • incurred deductible expenditure
    • transferred exploration expenditure
    • derived assessable receipts.

    If the entity has incurred deductible expenditure in more than four years, complete and attach as many section Bs as necessary to provide information on all years in which deductible expenditure was incurred. At the top of each page, insert the number of each section B in the first set of boxes and insert the total number of completed section Bs in the second set of boxes.

    In the set of boxes provided, insert the year (ending 30 June) in which expenditure was first incurred by the entity in relation to the petroleum project. This can be the year in which expenditure was first incurred for the exploration permit or retention lease from which the petroleum project originated, if that expenditure was incurred by the entity lodging this schedule.

    For each year in which deductible expenditure was incurred, fill out a new column by inserting the year of tax (ending 30 June) in the boxes provided and completing labels A to H as applicable.

    Insert details of all deductible expenditure incurred, exploration expenditure transferred and assessable receipts derived from the year the entity first incurred deductible expenditure or transferred exploration expenditure or derived assessable receipts up to and including the year in which the entity is lodging its first PRRT return for the petroleum project.

    Attention

    If the entity acquired the interest in the project from another entity, only insert details of the expenditure that the entity incurred following the transfer. Attach the Petroleum resource rent tax (PRRT) notification of transfer of an interest in a petroleum title (NAT 15475) provided by the vendor at the time of the transfer of the interest in the exploration permit, retention lease, petroleum project or combined project to this schedule.

    End of attention

    In the boxes provided, insert the year (ending 30 June) in which expenditure was incurred for the project.

    Insert at label A the total amount of class 2 augmented bond rate general expenditure (if any) incurred during the year to which the column relates.

    Insert at label B the total amount of class 1 GDP factor expenditure (if any) incurred during the year to which the column relates.

    Insert at label C the total amount of class 2 augmented bond rate exploration expenditure (if any) incurred during the year to which the column relates.

    Insert at label D the total amount of class 2 GDP factor expenditure (if any) incurred during the year to which the column relates.

    Insert at label E the total amount of resource tax expenditure (if any) incurred during the year to which the column relates.

    Insert at label F the total amount of expenditure incurred during the year to which the column relates. This is calculated by adding together all deductible expenditure amounts for the project for the relevant year (A + B + C + D + E).

    Insert at label G the total amount of exploration expenditure transferred to other petroleum projects (if any) during the year to which the column relates.

    Insert at label H the total assessable receipts (if any) derived during the year to which the column relates.

    Last modified: 19 Feb 2014QC 26751