Document ID: chunk:federal_register_of_legislation:C2010C00691:schedule:38:p2
Version: federal_register_of_legislation:C2010C00691
Segment Type: schedule
Provision Reference: sch 38 (pt 2/7)
Character Range: 130816–133605

relating to the transfer of receipts and expenditure; and
  (b) extending the time for lodging annual returns and transfer notices.

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 127
Transfer of expenditure-general

  127.(1) Section 45A of the Principal Act is amended by omitting from
paragraph (3)(a) "21 days" and substituting "42 days".
  (2) The amendment made by subsection (1) applies in relation to the
financial year starting on 1 July 1993 and later financial years.

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 128
Transfer of expenditure-group companies

  128.(1) Section 45B of the Principal Act is amended by omitting from
paragraph (3)(a) "21 days" and substituting "42 days".
  (2) The amendment made by subsection (1) applies in relation to the
financial year starting on 1 July 1993 and later financial years.

TAXATION LAWS AMENDMENT ACT (No. 3) 1993No. 118, 1993
- SECT 129
Insertion of new section

  129. After section 48 of the Principal Act the following section is
inserted:
Transfer on or after 1 July 1993 of part of entitlement to assessable
receipts
Section applies to transfer of part of entitlement to assessable receipts
"48A.(1) This section applies if, on or after 1 July 1993, a person enters
into a transaction that has the effect of transferring part only of the
person's entitlement to derive, after the transfer, assessable receipts in
relation to a petroleum project.
Definitions   "(2) In this section:
  (a) the person is called the 'vendor';
  (b) the person, or each of the persons, to whom the entitlement to derive
assessable receipts is transferred is called a 'purchaser';
  (c) the time at which the transaction is entered into is called the
'transfer time';
  (d) the financial year in which the transaction is entered into is called
the 'transfer year';
  (e) the part of the vendor's entitlement to derive assessable receipts that
is being transferred, when expressed as a percentage of the whole of the
vendor's entitlement to derive assessable receipts in relation to the project
(as determined before the transfer time), is called the 'transfer percentage'.
Transfer time may be before vendor's first year of tax   "(3) The transfer
time may be before the vendor's first year of tax in relation to the petroleum
project.
Subsections (5) to (10) have effect for purposes of this Act   "(4) If this
section applies, subsections (5) to (10) have effect for the purposes of this
Act (including this section).
Purchaser taken to have derived receipts, incurred expenditure etc.
  "(5) The purchaser, or each of the purchasers in proportion to its acquired
entitlement to assessable receipts, is taken:
  (a) to have derived the transfer percentage of any assessable receipts that,
if the transfer year had