Section E: Amounts transferred to the purchaser

Section E of the form requires details of the amounts transferred to the purchaser.

Upon entering into a transaction to transfer an interest in a petroleum title, the purchaser is deemed to have derived the receipts and incurred the expenditure previously derived or incurred by the vendor to the extent of the transfer of interest. For example, if the vendor transfers 25% of its total entitlement from the project, 25% of the assessable receipts and deductible expenditure will be transferred to the purchaser.

The purchaser is only entitled to the receipts and expenditure that have not already been returned or claimed by the vendor to work out any liability for PRRT. In other words, assessable receipts and deductible expenditure that were taken into consideration in working out the PRRT payable in an earlier year or exploration expenditure that was transferred to another project cannot be transferred to the purchaser.

The purchaser will also be taken to be liable for any unpaid PRRT amounts and to have paid any amounts of PRRT paid by the vendor, to the extent of the transfer of interest, in respect of instalments of tax during the year in which the transfer of the entitlement was made.

Question 15 – Provide details of the undeducted expenditure the purchaser will be taken to have incurred for each relevant year

At Question 15, provide details of the undeducted expenditure the purchaser will be taken to have incurred for all years up to and including the transfer year.

Undeducted expenditure is the expenditure that has not been applied against the assessable receipts of any project or been transferred to another project.

Type of expenditure (actual incurred)

Insert the year for the period ending 30 June for each year in which the purchaser will be taken to have incurred the expenditure. Then insert all of the following for each applicable year:

• actual undeducted exploration expenditure incurred
• actual undeducted general project expenditure incurred
• actual undeducted resource tax expenditure incurred.

Do not augment these amounts.

If there are more than three years of undeducted expenditure, insert a separate attachment and include the information requested at question 15 for actual incurred expenditure for each year.

Type of expenditure (augmented)

The purchaser is taken to have incurred any applicable starting base expenditure on the first day (1 July) of the year of transfer. Insert the year for the period beginning 1 July in which the transfer occurred. Then insert the augmented amount of starting base expenditure.

Question 16 – Provide details of the assessable receipts the purchaser will be taken to have derived in the year of transfer

At question 16, provide details of all the assessable receipts that the purchaser will be taken to have derived in the year of transfer. Insert:

• at label 16A, the amount of assessable petroleum receipts
• at label 16B, the amount of assessable tolling receipts
• at label 16C, the amount of assessable exploration recovery receipts
• at label 16D, the amount of assessable property receipts
• at label 16E, the amount of assessable miscellaneous compensation receipts
• at label 16F, the amount of assessable employee amenities receipts
• at label 16G, the amount of assessable incidental production receipts
• at label 16H, the total of all the assessable receipts taken to have been derived by the purchaser during the year (16A + 16B + 16C + 16D + 16E + 16F + 16G).

Question 17 – Provide details of the amounts of instalments of PRRT that will be taken to have been paid by the purchaser

At question 17, provide details of the amounts of instalments of PRRT that the purchaser will be taken to have paid during the year of transfer. Insert the instalment amounts paid in the first, second and third instalment periods (as applicable) and the date each instalment amount was paid.

An amount of an instalment is only taken to have been paid by the purchaser if it has been paid by the vendor. If an amount has not been paid by the vendor, do not include it.