Commonwealth Consolidated Acts

PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987 - SECT 49

    Where, in relation to a petroleum project:

  (a)   a person (in this section referred to as the vendor ) entered into a transaction before 1   July 1984 that had the effect of transferring part only of the entitlement of the person to receive, after the transfer, assessable receipts in relation to the project to another person or persons (which person or each of which persons is in this section referred to as a purchaser );

  (b)   at or before the time at which the transaction was entered into, the vendor and purchaser or purchasers entered into an agreement in writing in connection with the transaction to the effect that the whole or a part of the exploration expenditure incurred by the vendor in relation to the project before the time of the transfer should be taken to have been incurred by the purchaser or purchasers in accordance with the agreement; and

  (c)   within 30 days after the day on which this Act comes into operation, the purchaser or a purchaser gives a copy of the agreement to the Commissioner;

then, for the purposes of this Act (including this section):

  (d)   the whole or the part of the exploration expenditure of the vendor incurred before the transfer shall be taken to have been incurred instead by the purchaser, or by the purchasers in accordance with the agreement; and

  (e)   where any of the exploration expenditure was expenditure in relation to property transferred to the purchaser or purchasers under the transaction referred to in paragraph   (a), the vendor shall be taken not to have derived any assessable property receipts in relation to the property by reason of the transfer and the purchaser or purchasers shall be taken not to have incurred any exploration expenditure in relation to the property by reason of the transfer.