Petroleum Resource Rent Tax Assessment Amendment Act 2012 (18 of 2012)

Schedule 3   Deductible expenditure

Petroleum Resource Rent Tax Assessment Act 1987

11   Paragraph 34A(1)(a)

Repeal the paragraph, substitute:

(a) any amount of class 2 general project expenditure actually incurred by the person in relation to the project in the financial year, not being expenditure incurred more than 5 years before the earlier of the following:

(i) the day specified in the production licence notice in relation to the project;

(ii) the day the production licence was issued in relation to the project; and