Document ID: chunk:federal_register_of_legislation:C2012A00018:clause:2_17
Version: federal_register_of_legislation:C2012A00018
Segment Type: clause
Provision Reference: sch 2 cl 17
Character Range: 78169–79319

17  Partial disposal of an asset before 1 July 2012
 (1) If:
 (a) a person incurs interim expenditure relating to an interest that a person holds in an onshore petroleum project or the North West Shelf project; and
 (b) the interim expenditure relates to a depreciating asset or a CGT asset; and
 (c) any of the person's interest in the asset is disposed of between 2 May 2010 and 1 July 2012;
the amount of the interim expenditure is taken to be reduced to the extent the person's interest in the asset is disposed of.
 (2) Treat, for the purposes of this clause, as a disposal of part of the person's interest in the asset an arrangement that has the effect of transferring to another person part of the benefits or entitlements that the person has in relation to the asset.

Part 4—The look‑back approach

Note: Section 45 deals generally with when eligible real expenditure may be incurred in relation to onshore petroleum projects and the North West shelf project, including under the look‑back approach. This Part deals with some specific issues under the look‑back approach, in particular issues relating to the costs of acquiring projects.