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

27 INTERPRETATION
In this Part:

notional taxable profit
, in relation to a company, a petroleum project and a financial year, means the amount (if any) that would be the taxable profit in relation to the company, the project and the financial year if:

(a) all deductible expenditure in relation to the company, the project and the financial year were taken into account; and

(b) all expenditure to be transferred by the company to the project in relation to the financial year under section 45A had been transferred; and

(c) any expenditure transferred to the company in relation to the project and the financial year under section 45B had not been transferred.

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