Petroleum Resource Rent Tax Assessment Act 1987

SCHEDULE 1 - PROVISIONS RELATING TO INCURRING AND TRANSFER OF EXPLORATION EXPENDITURE ON OR AFTER 1 JULY 1990  

Sections 2 , 35A , 35B , 45A , 45B and 45D

PART 6 - RULES RELATING TO TRANSFER OF EXPLORATION EXPENDITURE BETWEEN GROUP COMPANIES  

28  

28   SITUATIONS TO WHICH THIS PART APPLIES  
This Part applies if:

(a) a number of companies are group companies in relation to each other and a financial year; and

(b) there is unused transferable exploration expenditure, within the meaning of section 45B , in relation to some of the companies and the financial year.

In this Part, each of the companies in relation to which there is unused transferable exploration expenditure is called a loss company , each of the other companies is called a profit company and the financial year is called the transfer year .