Document ID: chunk:federal_register_of_legislation:C2024C00818:section:36:p1
Version: federal_register_of_legislation:C2024C00818
Segment Type: section
Provision Reference: s 36 (pt 1/3)
Character Range: 127573–130123

36  Class 1 augmented bond rate exploration and class 1 GDP factor expenditures in relation to project groups
 (1) Where there is a project group in relation to a person in relation to a year of tax, the following provisions have effect:
 (a) in relation to any petroleum project in the group other than the last occurring project—where there is a carry forward expenditure amount of the person in relation to the project in relation to the year of tax, that amount shall be taken to be class 1 augmented bond rate exploration expenditure or class 1 GDP factor expenditure, as the case requires, incurred by the person in the year of tax in relation to the next occurring project and the person shall not be taken by subsection 34(3) to have incurred class 1 augmented bond rate exploration expenditure, or by subsection 35(3) to have incurred class 1 GDP factor expenditure, in relation to the first‑mentioned project on the first day of the next succeeding year of tax;
 (b) in relation to the last occurring petroleum project in the group—where, but for this paragraph, the person would be taken by subsection 34(3) to have incurred an amount of class 1 augmented bond rate exploration expenditure, or by subsection 35(3) to have incurred an amount of class 1 GDP factor expenditure, in relation to the project on the first day of the next succeeding year of tax, that expenditure shall be taken to have been incurred instead by the person on that day in relation to the first occurring of such of the projects in the group as are petroleum projects on that day.
 (2) Where 2 or more project groups, in relation to a person in relation to a financial year, are related project groups in relation to each other, subsection (1) applies as if the petroleum projects in the groups were projects in a single project group in relation to the person in relation to the financial year.
 (3) For the purposes of this section:
 (a) where:
 (i) a financial year is a year of tax in relation to a person in relation to 2 or more petroleum projects (not including any ineligible project in relation to the financial year); and
 (ii) the production licence, or at least one of the production licences, in relation to each of the projects is related to the same exploration permit;
  the projects shall be taken to be in a project group in relation to the person in relation to the year of tax;
 (b) a reference to the relevant production licence in relation to a petroleum project is a reference to:
 (i) in the case of a combined project—the production licence