Document ID: chunk:federal_register_of_legislation:C2012A00018:clause:2_11
Version: federal_register_of_legislation:C2012A00018
Segment Type: clause
Provision Reference: sch 2 cl 11
Character Range: 68770–69380

11  Holding a starting base asset
 (1) A person holds a starting base asset relating to an onshore petroleum project or the North West Shelf project if:
 (a) the asset is a depreciating asset that the person holds (within the meaning of section 40‑40 of the Income Tax Assessment Act 1997); or
 (b) the person would hold the asset (within the meaning of that section) if it were a depreciating asset.
 (2) However, a person who is entitled to the interest in a petroleum project is taken to hold the rights and interests constituting the interest in the project.

Division 3—Valuation of starting base assets