Document ID: chunk:federal_register_of_legislation:C2010C00584:clause:5_8
Version: federal_register_of_legislation:C2010C00584
Segment Type: clause
Provision Reference: sch 5 cl 8
Character Range: 44116–45591

8  Clause 1 of the Schedule
Insert:

incurred exploration expenditure amount, in relation to a petroleum project that is a combined project and in relation to a financial year, means the sum of the following:
 (a) any amounts of:
 (i) exploration expenditure (other than designated frontier expenditure) actually incurred by the person; and
 (ii) uplifted frontier expenditure that the person is taken by section 36C to have incurred;
  in the financial year in relation to the project (not being amounts incurred before the project combination certificate in relation to the project came into force);
 (b) any amounts of expenditure that the person is taken by subparagraph 48(1)(a)(ia) or paragraph 48A(5)(c) to have incurred in the financial year in relation to the project;
 (c) if the project combination certificate came into force during the financial year:
 (i) any amounts of exploration expenditure (other than designated frontier expenditure) actually incurred by the person in the financial year; and
 (ii) any amounts of uplifted frontier expenditure that the person is taken by section 36C to have incurred in the financial year; and
 (iii) any amounts of exploration expenditure that the person is taken by section 48 or 48A to have incurred in the financial year;
  in relation to the pre‑combination projects.

Note: The effect of subsections 35A(2), 35B(2) and 45D(3) must be taken into account when working out an incurred exploration expenditure amount.