TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993 - SECT 16 Allowable capital expenditure in respect of cash bidding payments for exploration permits and production licences

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TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993 - SECT 16

Allowable capital expenditure in respect of cash bidding payments for exploration permits and production licences

16. Section 124ABA of the Principal Act is amended:

   (a)  by inserting ", if the amount is incurred in carrying on prescribed
        petroleum operations or for the purpose of exploring or prospecting
        for
petroleum obtainable by prescribed petroleum operations" after "grant of a
production licence" in paragraph (a) of the definition of "licence cash
bidding payment" in subsection (6);

   (b)  by inserting ", if the amount is incurred in carrying on prescribed
        petroleum operations or for the purpose of exploring or prospecting
        for
petroleum obtainable by prescribed petroleum operations" after "grant of an
exploration permit" in paragraph (a) of the definition of "permit cash bidding
payment" in subsection (6).

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