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Edited version of your written advice

Authorisation Number: 1012941859672

Date of advice: 3 February 2016

Ruling

Subject: Effect of change in lease areas on deductible expenditure

Question 1

Does the change in the lease areas alter the quantum of deductible expenditure as defined by section 32 of the Petroleum Resource Rent Tax Assessment Act 1987, available to be deducted for Company A prior to the change, in respect of any project or combined project arising from conversion of the lease areas to a production licence?

Answer

No

This ruling applies for the following periods:

Period ending 30 June 20xx

Period ending 30 June 20xx

Period ending 30 June 20xx

The scheme commences in:

Period ending 30 June 20xx

Relevant facts and circumstances

The Commissioner has ruled on the question.