PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987
Subject to this section, the following provisions apply in relation to instalment periods in the same way as they apply in relation to financial years:
(a) this Division;
(b) Schedule 1 ;
(c) definitions or other provisions of this Act as they apply for the purpose of this Division or Schedule 1 .
The provisions mentioned in subsection (1) apply under that subsection only to the extent necessary to require or permit the making of transfers of expenditure in relation to instalment periods. 45E(3)
For the purpose of subsection (1), the following assumptions apply in relation to any petroleum project and an instalment period in a financial year:
(a) the instalment period is taken to be a financial year;
(b) the amounts taken by subsections 33(3) , 34(3) , 34A(4) , 35(3) and 36(1) (including because of section 48 ) to be incurred by any person in relation to any project on the first day of the financial year are instead taken to be only the instalment percentages of those amounts;
(c) the amounts that would, for the purposes of Schedule 1 , be the incurred exploration expenditure amounts in relation to financial years before that financial year are instead taken to be only the instalment percentages of those amounts.
In this Act, an annual transfer is a transfer of an amount of expenditure in accordance with this Division in its application to a financial year. 45E(5)
In this Act, an instalment transfer is a transfer of an amount of expenditure in accordance with this Division in its application under this section to an instalment period. 45E(6)
Despite subsection 45D(3) , if an instalment transfer of an amount of expenditure is made in relation to an instalment period in a financial year, the instalment transfer does not prevent the transfer of all (or a part) of that expenditure being made again:
(a) in relation to a later instalment period; or
(b) in relation to the financial year or a later financial year (as an annual transfer).
In some circumstances, interest may be charged in relation to an instalment transfer if the expenditure cannot be transferred again under this Division as an annual transfer: see section 98A .45E(7)
In this section:
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.