Income Tax Assessment Act 1997
SECTION 40-750 Deduction for payments of petroleum resource rent tax 40-750(1)
You can deduct a payment of * petroleum resource rent tax, or an * instalment of petroleum resource rent tax, that you make in an income year.
Note 1:
If an amount of the expenditure is recouped, the amount may be included in your assessable income: see Subdivision 20-A .
Note 2:
If Division 250 applies to you and an asset:
40-750(2)
You cannot deduct under subsection (1) a payment that you make under paragraph 99(c) of the Petroleum Resource Rent Tax Assessment Act 1987 .
40-750(3)
These amounts are included in your assessable income for the income year in which they are refunded, credited, paid or applied:
(a) an amount the Commissioner pays you in total or partial discharge of a debt of the kind referred to in subsection 47(1) of the Petroleum Resource Rent Tax Assessment Act 1987 ; or
(b) an amount the Commissioner applies under subsection 47(2) of the Petroleum Resource Rent Tax Assessment Act 1987 in total or partial discharge of a liability you have.
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