Petroleum Resource Rent Tax Assessment Amendment Act 2006 (78 of 2006)
Schedule 3 Deducting closing-down costs for conversion of production licence to infrastructure licence
Part 1 Amendments
Petroleum Resource Rent Tax Assessment Act 1987
6 At the end of section 27
(3) Any future closing-down expenditure in relation to licensed property and a petroleum project must be taken into account in working out the assessable property receipts derived by a person in relation to the project to the extent that the assessable property receipts are worked out under paragraph (1)(b) in relation to the termination of the use of the licensed property.
(4) Assessable property receipts worked out under paragraph (1)(b) are taken to be zero if future closing-down expenditure taken into account under subsection (3) equals or exceeds what would have been those assessable property receipts if the future closing-down expenditure was not taken into account.
Note: In this case, an extra amount may be included in the person's closing-down expenditure in relation to the project: see subsection 39(3).