Commonwealth Consolidated Acts

PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987 - SECT 35B

  (1)   For the purposes of this Act, the amount of class 2 GDP factor 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   3 of Schedule   1.

Note:   the following provisions of Part   3 of Schedule   1 provide for a person to be taken to have incurred an amount of class 2 GDP factor expenditure:

•   paragraph   12(3)(a)

•   paragraph   12(4)(a).

  (2)   The expenditure to which an amount of class 2 GDP factor expenditure is, according to Part   3 of Schedule   1, 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 Schedule   1, whether there is expenditure that is transferable by the person in relation to a later financial year.

Note:   the following provisions of Part   3 of Schedule   1 deal with the expenditure to which an amount of class 2 GDP factor expenditure is attributable:

•   paragraph   12(3)(b)

•   paragraph   12(4)(b) and subclauses   12(5) and (6).