Commonwealth Numbered Acts

PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987 No. 142, 1987 - SECT 49

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.