Document ID: chunk:federal_register_of_legislation:C2024C00818:section:2:p2
Version: federal_register_of_legislation:C2024C00818
Segment Type: section
Provision Reference: s 2 (pt 2/9)
Character Range: 13831–16753

995‑1(1) of the Income Tax Assessment Act 1997.
basic company group has the meaning given by section 2B.
Bass Strait exploration permit means the exploration permit known as VIC/P1.
Bass Strait project means the petroleum project referred to in subsection 19(1A).
block has the same meaning as in the Offshore Petroleum and Greenhouse Gas Storage Act 2006.
combined project means a petroleum project to which subsection 19(2) applies.
Commissioner means the Commissioner of Taxation.
company means a body corporate that has a share capital.
condensate means a mixture that includes pentane and hexane, where the pentane and hexane comprise more than 50% by weight of the mixture.
creditable purpose has the meaning given by section 195‑1 of the GST Act.
current apportionment percentage has the meaning given by subsection 2C(1).
decreasing adjustment has the meaning given by section 195‑1 of the GST Act.
Deputy Commissioner means a Deputy Commissioner of Taxation.
designated company group has the meaning given by section 2BA.
designated frontier area means that block or those blocks that constitute both:
 (a) an area or part of an area:
 (i) specified in section 36A; or
 (ii) specified in an instrument made under subsection 36B(1); and
 (b) an exploration permit area.
designated frontier expenditure, in relation to a petroleum project and a financial year, means exploration expenditure that is actually incurred:
 (a) by a person in that year where the eligible exploration or recovery area in relation to the project is a designated frontier area; and
 (b) during the original period of the exploration permit concerned (before the permit is first renewed or ceases to be in force);
other than exploration expenditure that is incurred in evaluating or delineating a petroleum pool (within the meaning of the Offshore Petroleum and Greenhouse Gas Storage Act 2006) that has been discovered in a designated frontier area.
eligible real expenditure means exploration expenditure, general project expenditure, resource tax expenditure, starting base expenditure or closing‑down expenditure.
employee amenities means housing, health, educational, recreational, welfare or other similar facilities and services for, or facilities and services involved in the supply of meals to, employees or dependants of employees, not being facilities and services conducted for the purpose of profit‑making.
excess closing‑down expenditure has the meaning given by paragraph 46(1)(a).
excluded commodity means a marketable petroleum commodity that:
 (a) has been sold;
 (b) after being produced, has been further processed or treated;
 (c) has been moved away from the place of its production other than to a storage site adjacent to that place; or
 (d) has been moved away from a storage site adjacent to the place of its production.
excluded fee means an amount of a kind referred to in paragraph 113(1)(c), subsection 115(5),