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 2 - CLASS 2 UPLIFTED EXPLORATION EXPENDITURE AND TRANSFERABLE EXPLORATION EXPENDITURE  

7  

7   WHAT HAPPENS IF THERE IS NO NOTIONAL TAXABLE PROFIT  
If there is no notional taxable profit in relation to the person, the petroleum project and the assessable year:

(a) the person is taken not to have incurred any class 2 uplifted exploration expenditure in relation to the project and the assessable year; and

(b) all the expenditure included in the incurred exploration expenditure amounts for the uplift expenditure years is transferable by the person in relation to the assessable year.