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

Schedule 4   Starting base for onshore petroleum projects and the North West Shelf project

Part 1   Main amendments

Petroleum Resource Rent Tax Assessment Act 1987

12   After subparagraph 48(1)(a)(ia)


(ib) if section 35E does not apply in relation to the financial year in which the transaction is or was entered into, and the look-back approach is not the valuation approach for vendor's interest in the project under Part 2 of Schedule 2 - to have incurred starting base expenditure, in relation to the project, of the starting base amount in relation to the vendor's interest; and