Document ID: chunk:federal_register_of_legislation:C2012A00018:clause:4_35d:p2
Version: federal_register_of_legislation:C2012A00018
Segment Type: clause
Provision Reference: sch 4 cl 35D (pt 2/2)
Character Range: 43317–44729

bond rate in relation to the assessable year plus 1.15.
available excess means so much of the excess as does not exceed the acquired exploration expenditure incurred in the assessable year.
 (4) For the purposes of subsection (1) or (2), if:
 (a) the sum of:
 (i) the class 1 augmented bond rate general expenditure; and
 (ii) the class 1 augmented bond rate exploration expenditure; and
 (iii) the class 2 augmented bond rate general expenditure; and
 (iv) the class 1 GDP factor expenditure; and
 (v) the class 2 augmented bond rate exploration expenditure; and
 (vi) the class 2 GDP factor expenditure; and
 (vii) the resource tax expenditure; and
 (viii) the acquired exploration expenditure;
  incurred by a person in a financial year (the assessable year) in relation to the petroleum project exceeds the assessable receipts derived by the person in the assessable year in relation to the project; and
 (b) the next financial year starts later than 5 years after 2 May 2010;
the person is taken to incur, in relation to the project and on the first day of the next financial year, an amount of acquired exploration 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 acquired exploration expenditure incurred in the assessable year.