PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987

PART V - LIABILITY TO TAXATION  

Division 3A - Transfer of exploration expenditure incurred on or after 1 July 1990  

SECTION 45B   TRANSFER OF EXPENDITURE - GROUP COMPANIES  

45B(1)  
This section applies where:


(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 in relation to some of the companies (each of which is in this section called a loss company ) and the financial year.

45B(2)  


In relation to the financial year, each loss company must transfer, to such of the other companies as are not loss companies and in relation to specified petroleum projects, as much of the loss company ' s unused transferable exploration expenditure as can be transferred in accordance with the rules set out in Part 6 of Schedule 1 .

45B(3)  
A transfer of expenditure under this section in relation to a financial year:


(a) must be made by completing a transfer notice and giving it to the Commissioner not later than 60 days after the end of the financial year or such later day as the Commissioner allows; and


(b) subject to subsection (4), takes effect when the notice is given to the Commissioner.

45B(4)  


A purported transfer of expenditure under this section has no effect if the transfer is not in accordance with the rules set out in Part 6 of Schedule 1 .

45B(5)  


A person commits an offence if the person contravenes this section.

Penalty: 20 penalty units.

45B(5A)  


Subsection (5) does not apply to the extent that the person has a reasonable excuse.
Note:

A defendant bears an evidential burden in relation to the matters in subsection (5A), see subsection 13.3(3) of the Criminal Code .

45B(5B)  


An offence under this section is an offence of strict liability.
Note:

For strict liability , see section 6.1 of the Criminal Code .

45B(6)  


In this section:

transfer notice
means a written notice in the approved form.

unused transferable exploration expenditure
, in relation to a company and a financial year, means so much of the transferable exploration expenditure in relation to the company and the financial year as is not transferred, or to be transferred, under section 45A .




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