Tax Laws Amendment (2004 Measures No. 7) Act 2005 (41 of 2005)

Schedule 5   Petroleum exploration incentives

Petroleum Resource Rent Tax Assessment Act 1987

16   Paragraph 16(c) of the Schedule

Repeal the paragraph, substitute:

(c) the total of:

(i) any amounts of exploration expenditure (other than designated frontier expenditure) actually incurred by the person; and

(ii) any amounts of uplifted frontier expenditure taken to be incurred by the person in respect of designated frontier expenditure actually incurred by the person;

in relation to the notional project during the period starting on 1 July 1990 and ending at the end of the assessable year;