Document ID: chunk:federal_register_of_legislation:C2012A00018:clause:2_20
Version: federal_register_of_legislation:C2012A00018
Segment Type: clause
Provision Reference: sch 2 cl 20
Character Range: 85168–86110

20  Restriction applying the look‑back approach in certain cases
  Despite section 45 and clauses 18 and 19, if:
 (a) under Part 2, the look‑back approach is the valuation approach for an interest in an onshore petroleum project or the North West Shelf project; and
 (b) particular expenditure would, apart from this clause, be eligible real expenditure incurred by a person in relation to the project; and
 (c) either:
 (i) if the expenditure was incurred between 1 July 2010 and 30 June 2012—the person has not kept and retained records, relating to the expenditure, that would meet the requirements of section 112; or
 (ii) if the expenditure was incurred between 1 July 2002 and 30 June 2010—the person has not kept and retained records that enable the amount and nature of the expenditure to be reasonably substantiated;
the eligible real expenditure incurred by the person in relation to the project does not include that expenditure.