These instructions will help you complete the Transitioned petroleum activities form (NAT 75321) under Division 417 of the Income Tax Assessment Act 1997 (ITAA 1997).
How to get this form
Download this form in portable document format (PDF): Transitioned petroleum activities form NAT 75321 (PDF, 243KB)This link will download a file.
Find out about:
Section A
Question 1: Name of entity making the choice
When recording the name of the company entity:
- print the company name exactly as it appears on the company certificate of incorporation
- for subsequent tax returns, ensure that the company name is consistent from year to year unless the name changes.
If the company name is legally changed, notify us in writing of the change at the time the change is made.
Print on the return the current company name as registered with the Australian Securities & Investments Commission (ASIC).
For a consolidated or multiple entry consolidated (MEC) group, use the head company’s name.
Question 2: Australian business number
Write the Australian business number (ABN) of the company in the boxes provided.
Question 3: Current postal address
Print the street address of the main business. It is the place where most of the business decisions are made.
For a consolidated or MEC group, print the business address of the head company.
Question 4: Decline in value of depreciating assets
At label 4a, populate with the amount relating to the decline in value of the depreciating assets in accordance with s.417-25.
At label 4b, populate the written down value per s.417-25.
Question 5: Deduction for capital expenditure
Populate with the amount relating to mining site rehabilitation in accordance with s.417-40.
Question 6: Deduction for project pool
At label 6a, populate with the amount relating to projects pools pre-treaty in accordance with s.417-35.
At label 6b, populate with the amount relating to project pools post treaty in accordance with s.417-45.
Question 7: Franking account
At label 7a, populate if applicable.
At label 7b, populate if applicable.
Question 8: Choices
Select YES next to the sections below if any of the following choices are made:
- s.417-35(2)
- s.417-50(2)
- s.417-D.
Question 9: If a choice under s417-35(2) is made
At label 9a, populate the amount of depreciating assets chosen to be allocated to a project pool.
At label 9b, If the underlying assets are sold, details of the legal entity that the assets are sold to including:
- legal name
- ABN.
Question 10: If a choice under s.417-50(2) is made
At label 10a or 10b, populate the amount of the entitlement to deductions from a project pool to be transferred.
Include the details of the legal entity that the entitlement to deductions are to be transferred:
- legal name
- ABN.
At label 10c, populate the consideration amount (if any) provided for the transfer of entitlement to project pooled amounts.
Question 11: If a choice under s.417-D is made
Select YES next to the sections below if any of the following choices are made:
- transfer of losses to associate
- transfer of losses to corporate tax entity
- choice to apply losses to taxpayer’s earlier income years.
Question 12: If a choice to transfer losses under s.417-90(1)(d) is made
At label 12a, populate the amount of the losses chosen to be transferred.
Include the details of the associate that the losses are to be transferred to:
- legal name
- ABN.
At label 12b, populate the consideration amount (if any) provided for the transfer of losses to the associates.
Question 13: If a choice to transfer losses under s.417-90(2) is made
At label 13a, populate the amount of the losses chosen to be transferred.
Include the details of the corporate tax entity that the losses are to be transferred to:
- legal name
- ABN.
At label 13b, populate the consideration amount (if any) provided for the transfer of losses to the corporate tax entity.
Question 14: If a choice to transfer losses under s.417-90(2)(e) is made
At label 14a, populate the amount of the losses chosen to be applied against assessable income for any of the four income years proceeding when the choice is made.
Include the income years for which the losses are chosen to be applied against.
How to lodge
Lodge your form via our SigBox email address and password.
We will provide each relevant taxpayer with a link where they can set up their own password for authentication purposes.
For any further questions, email TimorSeaPetroleum@ato.gov.au.
These instructions are for completing the Transitioned petroleum activities form for Division 417 ITAA 1997 purposes only.