Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 (88 of 2013)

Schedule 7   Miscellaneous amendments

Part 1   Resource rent taxation

Petroleum Resource Rent Tax Assessment Act 1987

94   At the end of section 45

Add:

Transferred expenditure relating to onshore petroleum projects or the North West Shelf project

(8) To avoid doubt, eligible real expenditure that a person may incur in relation to an onshore petroleum project, or the North West Shelf project, may include expenditure that a person is taken to have incurred in relation to the project, before or after the commencement of this section, because of section 48 or 48A.

(9) However, if the person is taken to have incurred the expenditure because of the application of section 48 or 48A in relation to a transaction entered into before 1 July 2012, subsection 48(3) or 48A(11) (as the case requires) does not apply in relation to the transaction.