Show download pdf controls
  • Section B: Deductible expenditure incurred

    Section B requires details of deductible expenditure incurred.

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

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

    If the entity has had any of the above in more than four years, complete and attach as many section Bs as necessary to provide information on all years in which any of the above occurred. At the top of each page at 'Section B number', insert:

    • the number of each section B in the first set of boxes, and
    • the total number of completed section Bs in the second set of boxes.

    At Year in which expenditure was first incurred, 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 later year in which deductible expenditure was incurred, insert the year of tax (ending 30 June) in the boxes provided at Type of expenditure and complete labels A to H, as applicable, up to and including the year in which the entity is lodging its first PRRT return for the petroleum project.

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

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

    • At label A, insert the total amount of class 2 uplifted general expenditure (if any) incurred during the year to which the column relates. Note: Prior to 1 July 2019, this was known as the class 2 augmented bond rate general expenditure.
    • At label B, insert the total amount of class 1 GDP factor expenditure (if any) incurred during the year to which the column relates.
    • At label C, insert the total amount of class 2 uplifted exploration expenditure (if any) incurred during the year to which the column relates. Note: Prior to 1 July 2019, this was known as the class 2 augmented bond rate exploration expenditure.
    • At label D, insert the total amount of class 2 GDP factor expenditure (if any) incurred during the year to which the column relates.
    • At label F, insert 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).
    • At label G, insert the total amount of exploration expenditure transferred to other petroleum projects (if any) during the year to which the column relates.
    • At label H, insert the total assessable receipts (if any) derived during the year to which the column relates.
    Last modified: 25 Jun 2020QC 26751