PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987
For the purposes of this Act, the amount of class 2 uplifted exploration expenditure that a person is taken to have incurred in a financial year in relation to a petroleum project is to be determined in accordance with Part 2 of Schedule 1 .
The expenditure to which an amount of class 2 uplifted exploration expenditure is, according to Part 2 of Schedule 1 , attributable, must not be counted again as expenditure incurred, or taken to be incurred, by a person:
(a) when working out the liability of the person to tax in relation to a later financial year; or
(b) when working out, in accordance with Part 2 , 3 or 4 of Schedule 1 , whether there is expenditure that is transferable by the person in relation to a later financial year.
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