Document ID: chunk:federal_register_of_legislation:C2024C00818:section:45d
Version: federal_register_of_legislation:C2024C00818
Segment Type: section
Provision Reference: s 45D
Character Range: 164408–165452

45D  Effect of transfer of expenditure
 (1) This section applies if a person transfers an amount of expenditure:
 (a) to a petroleum project in relation to a financial year under section 45A; or
 (b) to a company in relation to a petroleum project and a financial year under section 45B.
 (2) If the expenditure was incurred in an earlier financial year, then, for the purposes of this Act other than subsection (3), the transfer is taken to be a transfer of the amount worked out in accordance with Part 7 of Schedule 1.
 (3) The expenditure transferred (disregarding the effect of subsection (2)):
 (a) must not be transferred again in relation to the financial year; and
 (b) must not be counted again as expenditure incurred, or taken to be incurred, by a person:
 (i) when working out the liability of the person to tax in relation to a later financial year; or
 (ii) when working out, in accordance with Part 2, 3 or 4 of Schedule 1, whether there is expenditure that is transferable by the person in relation to a later financial year.