Document ID: chunk:federal_register_of_legislation:C2024C00818:clause:1_22:p1
Version: federal_register_of_legislation:C2024C00818
Segment Type: clause
Provision Reference: sch 1 cl 22 (pt 1/2)
Character Range: 299330–301941

22  Rule—person must have held interests in relation to transferring entity and receiving project
 (1) Subject to subclauses (2), (2AA), (2AB), (2A), (3) and (4), the person may only transfer the expenditure to the receiving project in relation to the transfer year if:
 (a) the person held an interest in relation to the transferring entity at all times from the beginning of the financial year in which the expenditure was incurred to the end of the transfer year; and
 (b) the person held an interest in relation to the receiving project at all times from the beginning of the financial year in which the expenditure was incurred to the end of the transfer year.
 (2) Subclause (1) does not require the person to have held an interest in relation to the transferring entity at a time before the starting day in relation to the transferring entity.
 (2AA) If:
 (a) the person started (whether or not for the first time) to hold an interest in relation to the transferring entity during the financial year in which the expenditure was incurred; and
 (b) the expenditure was incurred after the time (the farm‑in time) when the person started to hold the interest; and
 (c) the expenditure was actually incurred by the person (rather than taken by section 48 or 48A to have been incurred by the person);
subclause (1) does not require the person to have held an interest in relation to the transferring entity before the farm‑in time.
 (2AB) If:
 (a) at a time (the cessation time) after the expenditure was incurred and on or after 1 July 1993, the person ceased to hold any interest in relation to the transferring entity; and
 (b) the cessation did not occur because of a transaction to which section 48 applies;
subclause (1) does not require the person to have held an interest in relation to the transferring entity at a time after the cessation time.
 (2A) Subclause (1) does not require the person to have held an interest in relation to the transferring entity at a time after the finishing day in relation to the transferring entity.
 (3) If the starting days in relation to the transferring entity and the receiving project occurred in the same financial year, subclause (1) does not require the person to have held an interest in relation to the receiving project at a time before the starting day in relation to the receiving project.
 (4) If the starting day in relation to the receiving project occurred in a later financial year than the financial year in which the expenditure was incurred:
 (a) paragraph (1)(b) does not apply in relation to the transfer of the expenditure; and
 (b) the person