Document ID: chunk:federal_register_of_legislation:C2024C00818:section:48:p2
Version: federal_register_of_legislation:C2024C00818
Segment Type: section
Provision Reference: s 48 (pt 2/2)
Character Range: 173275–175423

expenditure or that liability or paid those amounts, as the case may be;
 (c) the vendor shall be taken not to have derived any assessable property receipts in relation to the transaction by reason of the transfer of any property held by the vendor that was being used in relation to the project at the transfer time;
 (d) the purchaser or purchasers shall be taken not to have incurred any eligible real expenditure in relation to the transaction by reason of the transfer of any such property;
 (e) in any application of section 27, 28 or 29 after the transfer time, the purchaser shall be taken to have incurred any eligible real expenditure incurred by the vendor in relation to the project (including in the case of a combined project any pre‑combination project in relation to the project); and
 (f) in any application of section 40 after the transfer time, the purchaser shall be taken to have brought to account as a receipt of a kind referred to in section 24, 25, 27, 28 or 29 in relation to the project (including any pre‑combination project in relation to the project) any debt so brought to account by the vendor.
 (2) Expenditure that the purchaser, or a purchaser, is taken to have incurred by subparagraph (1)(a)(ia) is taken to have been so incurred at the time when the vendor incurred it, or is taken to have incurred it.
 (2A) Expenditure that the purchaser, or a purchaser, is taken to have incurred by subparagraph (1)(a)(ib) is taken to have been so incurred in the first financial year in relation to which section 35E applies in relation to the project.
 (3) The vendor must give written notice of the transaction, in the approved form, to each purchaser before the end of the latest of the following days:
 (a) the 60th day after entering into the transaction;
 (b) the 60th day after the purchasers give consideration for the entitlement and property;
 (c) if the project is the North West Shelf project, and the transaction was entered into between 1 July 2012 and 30 June 2013—31 August 2013.
Note: Subdivision 388‑B in Schedule 1 to the Taxation Administration Act 1953 applies to approved forms under this subsection.