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 6 - RULES RELATING TO TRANSFER OF EXPLORATION EXPENDITURE BETWEEN GROUP COMPANIES  

32  

32   RULE - TRANSFER TO PROJECT WITH MOST RECENT PRODUCTION LICENCE  
If the expenditure was incurred before the transfer year, the loss company may not transfer the expenditure to the profit company in relation to the receiving project and the transfer year if:

(a) the expenditure could be transferred in relation to the transfer year under section 45B to:

(i) the profit company in relation to another petroleum project; or

(ii) another profit company in relation to another petroleum project; and

(b) the other project includes a production licence that was granted more recently than the production licence or licences included in the receiving project.