45ATransfer of expenditure—general

#### 45A Transfer of expenditure—general (1) This section applies to a person in respect of a financial year in relation to which the person has transferable exploration expenditure. (2) In relation to the financial year, the person must transfer to petroleum projects as much of the transferable exploration expenditure as can be transferred in accordance with the rules set out in Part 5 of Schedule 1. (3) A transfer of expenditure under this section in relation to a financial year: (a) must be made by completing a transfer notice and giving it to the Commissioner not later than 60 days after the end of the financial year or such later day as the Commissioner allows; and (b) subject to subsection (4), takes effect when the notice is given to the Commissioner. (4) A purported transfer of expenditure under this section has no effect if the transfer is not in accordance with the rules set out in Part 5 of Schedule 1. (5) A person commits an offence if the person contravenes this section. Penalty: 20 penalty units. (5A) Subsection (5) does not apply to the extent that the person has a reasonable excuse. > Note: A defendant bears an evidential burden in relation to the matters in subsection (5A), see subsection 13.3(3) of the Criminal Code. (5B) An offence under this section is an offence of strict liability. > Note: For strict liability, see section 6.1 of the Criminal Code. (6) In this section: > transfer notice means a written notice in the approved form.