Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 417.10

  (1)   Transitioned petroleum activities are petroleum activities (within the meaning of the * Timor Sea Maritime Boundaries Treaty) that are undertaken:

  (a)   pursuant to the terms of any of the following * production sharing contracts:

  (i)   Production Sharing Contract JPDA 03 - 12;

  (ii)   Production Sharing Contract JPDA 03 - 13;

  (iii)   Production Sharing Contract JPDA 06 - 105;

  (iv)   Production Sharing Contract JPDA 11 - 106; or

  (b)   pursuant to the terms of a production sharing contract that:

  (i)   comes into force after, or when, that treaty entered into force; and

  (ii)   has the effect of replacing, and relates to the same area as, a production sharing contract mentioned in paragraph   (a); or

  (c)   in a part of the * Petroleum Exploration Permit WA - 523 - P permit area that, as a result of that treaty entering into force, ceased to be within the continental shelf of Australia.

Note:   This part of the Petroleum Exploration Permit WA - 523 - P permit area includes the Buffalo Oil Field.

  (2)   The Petroleum Exploration Permit WA - 523 - P permit area is the area that, just before the * Timor Sea Maritime Boundaries Treaty entered into force, was the subject of Petroleum Exploration Permit WA - 523 - P, granted under Part   2.2 of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 on 27   May 2016.

Table of sections

417 - 25   Deducting amounts for depreciating assets

417 - 30   Balancing adjustments

417 - 35   Allocating assets to a project pool

417 - 40   Deduction for expenditure on mining site rehabilitation

417 - 45   Capital expenditure

417 - 50   Transferring entitlement to deductions relating to a project pool