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Section 17 - Petroleum Resource Rent Tax Assessment Act 1987 - What happens if the notional assessable receipts equal or exceed the notional deductible expenditure | Zoe

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Home/Legislation/Petroleum Resource Rent Tax Assessment Act 1987/17

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Petroleum Resource Rent Tax Assessment Act 1987

17What happens if the notional assessable receipts equal or exceed the notional deductible expenditure

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17 What happens if the notional assessable receipts equal or exceed the notional deductible expenditure

If, in relation to the person, the exploration permit or retention lease and the assessable year, the notional assessable receipts equal or exceed the notional deductible expenditure, none of the expenditure included in the notional exploration expenditure is transferable by the person in relation to the assessable year.

Previous sectionPart 4Transferable exploration expenditure not incurred in relation to a project

Next section18What happens if the notional deductible expenditure exceeds the notional assessable receipts