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  • Section E: Look-back approach

    Attention

    Only complete section E if the entity used the look-back approach for its interest in the exploration permit, retention lease, petroleum project or combined project.

    End of attention

    Question 32: Has the entity chosen the look-back approach for its interest in the exploration permit, retention lease, petroleum project or combined project?

    If the entity:

    • has not chosen the look-back approach for its interest in the exploration permit, retention lease, petroleum project or combined project, place an X in the 'No' box and go to section F
    • has chosen the look-back approach for its interest in the exploration permit, retention lease, petroleum project or combined project, place an X in the 'Yes' box.

    Question 33: Was the entity’s interest in the exploration permit, retention lease, petroleum project or combined project acquired, directly or indirectly, between 1 July 2007 and 2 May 2010?

    Attention

    Under the PRRT, if the entity has an interest in an exploration permit, retention lease, petroleum project or combined project, and subsequently acquires a further interest in that exploration permit, retention lease, petroleum project or combined project, the interest is treated as a single interest.

    End of attention

    A direct acquisition occurs when the entity itself acquires an interest in the exploration permit, retention lease or petroleum project. An indirect acquisition occurs when the entity is a company and it acquires another company with a relevant interest.

    If the entity's interest was not acquired (directly or indirectly) between 1 July 2007 and 2 May 2010, place an X in the 'No' box. Also place an X in the 'No' box if the entity directly acquired an interest before 1 July 2007 and then increased its interest between 1 July 2007 and 2 May 2010. Go to question 36 and complete labels 36D, 36E and 36F only.

    If all of the entity's interest was acquired (directly or indirectly) between 1 July 2007 and 2 May 2010, place an X in the 'Yes' box and complete all labels in questions 34, 35 and 36.

    Also place an X in the ‘Yes’ box if the entity’s interest was previously acquired by another entity (directly or indirectly) between 1 July 2007 and 2 May 2010. Attach a separate sheet of paper titled ‘Acquired interest was subject to a prior acquisition which occurred between 1 July 2007 and 2 May 2010’ and provide details of the prior acquisition, including all the parties that were involved. Complete all labels in questions 34, 35 and 36, taking into account the starting base expenditure, acquired exploration expenditure, exploration expenditure and general project expenditure the entity inherited in relation to its acquisition of the interest.

    Question 34: Acquisition details

    If the entity's interest in the exploration permit, retention lease, petroleum project or combined project was acquired between 1 July 2007 and 2 May 2010 (a direct acquisition), and during that period the entity itself was acquired by another entity (an indirect acquisition), use the latest of those acquisition dates to calculate the starting base.

    Insert the date of the acquisition.

    Insert at label 34A the cost of acquisition of the interest, or the cost of acquiring the shares in the entity – this will be either:

    • the amount that the entity paid for the interest (for a direct acquisition)
    • the amount the other entity paid to acquire the entity (for an indirect acquisition).

    If the entity's entire interest was acquired in more than one transaction, or the entity was acquired by another entity in more than one transaction, attach a separate sheet titled 'Look-back approach: additional acquisition details' and provide the following details in relation to each transaction:

    • the ABN and legal name of the entity as it appears at questions 1 and 3
    • if the entity has inserted a PRRT registration number at question 4, insert this; otherwise, insert the permit, lease, licence, or combination certificate number inserted at question 5
    • the date of acquisition and the cost of acquisition for each increase to the entity's interest in the exploration permit, retention lease, petroleum project or combined project.

    Question 35: Date of the entity's audited accounts or auditor's report

    If the values used for exploration assets and evaluation assets for the entity's interest in the exploration permit, retention lease, petroleum project or combined project have come from both the audited financial accounts and the auditor's report which relates to the audited financial accounts, place an X in the box.

    Insert the date of either:

    • the audited financial accounts, if most of the values have come from the audited financial accounts
    • the auditor's report, if most of the values have come from the auditor's report.

    Question 36: Total eligible real expenditure amount at 30 June 2012 (excluding uplift)

    Attention

    If you answered 'No' to question 33, complete labels 36D, 36E and 36F only.

    End of attention

    Insert at label 36B the total starting base expenditure for the acquisition of the interest in the exploration permit, retention lease, petroleum project or combined project or the entity.

    Insert at label 36C the total acquired exploration expenditure that relates to the acquisition.

    Attention

    The total starting base expenditure plus total acquired exploration expenditure (36B + 36C) cannot exceed the cost of acquisition (34A).

    End of attention

    Insert at label 36D the total exploration expenditure incurred by the entity (including expenditure taken to have been incurred by the entity when it acquired the interest in the exploration permit, retention lease, petroleum project or combined project) from the latest of the following dates to 30 June 2012:

    • if a date of acquisition has been inserted at question 34 (or any attached sheets relating to question 34), the date of the latest acquisition
    • the date the permit in relation to the project was granted
    • 1 July 2002.

    Insert at label 36E the total general project expenditure incurred by the entity for the interest in the exploration permit, retention lease, petroleum project or combined project over the period from the latest of the following dates to 30 June 2012:

    • if a date of acquisition has been inserted at question 34 (or any attached sheets relating to question 34), the date of the latest acquisition
    • the date the permit in relation to the project was granted
    • 1 July 2002.

    Insert at label 36F the total eligible real expenditure for the interest in the exploration permit, retention lease, petroleum project or combined project. This is calculated by adding the total starting base expenditure, total acquired exploration expenditure, total exploration expenditure and total general project expenditure for the project (36B + 36C + 36D + 36E).

    Last modified: 12 May 2014QC 56555