Commonwealth Consolidated Acts

PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987 - SECT 32

    For the purposes of this Act, a reference to the deductible expenditure incurred by a person in a financial year in relation to a petroleum project (not being an ineligible project in relation to the financial year) is a reference to the total expenditure of the following kinds incurred by the person in the financial year in relation to the project:

  (a)   class 1 augmented bond rate general expenditure;

  (b)   class 1 augmented bond rate exploration expenditure;

  (c)   class 2 uplifted general expenditure;

  (d)   class 1 GDP factor expenditure;

  (e)   class 2 uplifted exploration expenditure;

  (f)   class 2 GDP factor expenditure;

  (fa)   resource tax expenditure;

  (fc)   starting base expenditure;

  (fd)   augmented denied deductible expenditure;

  (g)   closing - down expenditure.