Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) You can deduct a payment of * petroleum resource rent tax, or an * instalment of petroleum resource rent tax, that you make in an income year.
Note 1: If an amount of the expenditure is recouped, the amount may be included in your assessable income: see Subdivision 20 - A.
Note 2: If Division 250 applies to you and an asset:
(a) if section 250 - 150 applies--you cannot deduct expenditure you incur in relation to the asset to the extent specified under subsection 250 - 150(3); or
(b) otherwise--you cannot deduct such expenditure.
(2) You cannot deduct under subsection (1) a payment that you make under paragraph 99(c) of the Petroleum Resource Rent Tax Assessment Act 1987 .
(3) These amounts are included in your assessable income for the income year in which they are refunded, credited, paid or applied:
(a) an amount the Commissioner pays you in total or partial discharge of a debt of the kind referred to in subsection 47(1) of the Petroleum Resource Rent Tax Assessment Act 1987 ; or
(b) an amount the Commissioner applies under subsection
47(2) of the Petroleum Resource Rent Tax Assessment Act 1987 in total or
partial discharge of a liability you have.