Document ID: chunk:federal_register_of_legislation:C2012A00018:clause:2_29a
Version: federal_register_of_legislation:C2012A00018
Segment Type: clause
Provision Reference: sch 2 cl 29A
Character Range: 25798–27270

29A  Assessable incidental production receipts
 (1) For the purposes of this Act, a reference to assessable incidental production receipts derived by a person in relation to a petroleum project is a reference to the consideration receivable, less the amount mentioned in subsection (2), by the person in relation to the sale of a product, or the provision of a service relating to carbon capture and storage, if:
 (a) it has been recovered, extracted, provided or produced in carrying on operations, facilities or other things of a kind mentioned in section 37, 38 or 39 in relation to the project; and
 (b) it is not petroleum or a marketable petroleum commodity; and
 (c) eligible real expenditure in relation to the project (including, in the case of a combined project, any pre‑combination project in relation to the project) was incurred by the person in relation to those operations, facilities, or other things.
Example: The following are some examples:
(a) water from a water treatment facility that is an integral part of a coal seam gas project is sold;
(b) excess electricity that is produced as part of the petroleum project is sold.
 (2) The amount is the sum of any expenditure (whether of a capital or revenue nature) incurred by the person to the extent that:
 (a) it is incurred in deriving assessable incidental production receipts in relation to the petroleum project; and
 (b) it is not eligible real expenditure in relation to the petroleum project.