Commonwealth Consolidated Acts

PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987 - SECT 35A

             (1)  For the purposes of this Act, the amount of class 2 augmented bond rate 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 the Schedule.

Note:          the following provisions of Part 2 of the Schedule provide for a person to be taken to have incurred an amount of class 2 augmented bond rate exploration expenditure:

paragraph 8(4)(a)

paragraph 8(5)(a).

             (2)  The expenditure to which an amount of class 2 augmented bond rate exploration expenditure is, according to Part 2 of the Schedule, 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 the Schedule, whether there is expenditure that is transferable by the person in relation to a later financial year.

Note:          the following provisions of Part 2 of the Schedule deal with the expenditure to which an amount of class 2 augmented bond rate exploration expenditure is attributable:

paragraph 8(4)(b)

paragraph 8(5)(b) and subclauses 8(6) and (7).