PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987

PART V - LIABILITY TO TAXATION  

Division 3 - Deductible expenditure  

SECTION 32   32   DEDUCTIBLE EXPENDITURE  
For the purposes of this Act, a reference to the deductible expenditure incurred by a person in a financial year in relation to a petroleum project (not being an ineligible project in relation to the financial year) is a reference to the total expenditure of the following kinds incurred by the person in the financial year in relation to the project:


(a) class 1 augmented bond rate general expenditure;


(b) class 1 augmented bond rate exploration expenditure;


(c) class 2 uplifted general expenditure;


(d) class 1 GDP factor expenditure;


(e) class 2 uplifted exploration expenditure;


(f) class 2 GDP factor expenditure;


(fa) resource tax expenditure;


(fb) (Repealed by No 43 of 2019)


(fc) starting base expenditure;


(g) closing-down expenditure.




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