Document ID: chunk:federal_register_of_legislation:C2024C00818:section:35c:p2
Version: federal_register_of_legislation:C2024C00818
Segment Type: section
Provision Reference: s 35C (pt 2/2)
Character Range: 119919–121689

from the production licence area for the project;
 (iv) the expenditure is an amount calculated by reference to the value, at the wellhead, of petroleum recovered from the production licence area for the project.
 (4) However, the amount of resource tax expenditure under subsection (3) is increased by dividing it by the rate of tax mentioned in section 5 of the Petroleum Resource Rent Tax (Imposition—General) Act 2012.
 (5) For the purposes of subsection (1) or (2), if the sum of the following incurred by a person in a financial year (the assessable year) in relation to a petroleum project exceeds the assessable receipts derived by the person in the assessable year in relation to the project:
 (a) the class 1 augmented bond rate general expenditure;
 (b) the class 1 augmented bond rate exploration expenditure;
 (c) the class 2 uplifted general expenditure;
 (d) the class 1 GDP factor expenditure;
 (e) the class 2 uplifted exploration expenditure;
 (f) the class 2 GDP factor expenditure;
 (g) the resource tax expenditure;
the person is taken to incur, in relation to the project and on the first day of the next financial year, an amount of resource tax expenditure worked out in accordance with the formula:

where:
augmented bond rate means the long term bond rate in relation to the assessable year plus 1.05.
available excess means so much of the excess as does not exceed the resource tax expenditure incurred in the assessable year.
 (6) Despite subsection (3), if a person (the eligible person) incurs a liability to make a payment to procure expenditure of a kind mentioned in subsection (3) by another person, then the expenditure is taken to have been incurred by the eligible person, and not by the other person, to the extent of the liability.