PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987

PART V - LIABILITY TO TAXATION  

Division 3 - Deductible expenditure  

SECTION 35B   CLASS 2 GDP FACTOR EXPENDITURE  

35B(1)  


For the purposes of this Act, the amount of class 2 GDP factor expenditure that a person is taken to have incurred in a financial year in relation to a petroleum project is to be determined in accordance with Part 3 of Schedule 1 .
Note:

the following provisions of Part 3 of Schedule 1 provide for a person to be taken to have incurred an amount of class 2 GDP factor expenditure:

  • paragraph 12(3)(a)
  • paragraph 12(4)(a) .
  • 35B(2)  


    The expenditure to which an amount of class 2 GDP factor expenditure is, according to Part 3 of Schedule 1 , attributable, must not be counted again as expenditure incurred, or taken to be incurred, by a person:


    (a) when working out the liability of the person to tax in relation to a later financial year; or


    (b) when working out, in accordance with Part 2 , 3 or 4 of Schedule 1 , whether there is expenditure that is transferable by the person in relation to a later financial year.

    Note:

    the following provisions of Part 3 of Schedule 1 deal with the expenditure to which an amount of class 2 GDP factor expenditure is attributable:

  • paragraph 12(3)(b)
  • paragraph 12(4)(b) and subclauses 12(5) and (6) .



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