Petroleum Resource Rent Tax Assessment Act 1987

SCHEDULE 1 - PROVISIONS RELATING TO INCURRING AND TRANSFER OF EXPLORATION EXPENDITURE ON OR AFTER 1 JULY 1990  

Sections 2 , 35A , 35B , 45A , 45B and 45D

PART 4 - TRANSFERABLE EXPLORATION EXPENDITURE NOT INCURRED IN RELATION TO A PROJECT  

14  

14   ASSUMPTIONS ON WHICH AMOUNTS TO BE WORKED OUT  
Amounts worked out under this Part in relation to the exploration permit or retention lease and a period (including a financial year) are to be worked out on the assumptions that:


(a) a production licence derived from the permit or lease was in force at all times during the period; and


(b) the petroleum project to which that production licence was related consisted only of that production licence.

In this Part, the petroleum project referred to in paragraph (b) is called the notional project .




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.