Document ID: chunk:federal_register_of_legislation:C2024C00818:clause:1_1:p2
Version: federal_register_of_legislation:C2024C00818
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 2/3)
Character Range: 267006–269746

financial year; and
 (iii) any amounts of exploration expenditure that the person is taken by section 48 or 48A to have incurred in the financial year;
  in relation to the pre‑combination projects.
Note: The effect of subsections 35A(2), 35B(2) and 45D(3) must be taken into account when working out an incurred exploration expenditure amount.
relevant pre‑commencement day, in relation to a petroleum project, means:
 (a) if the petroleum project is not a combined project, the Bass Strait project or the North West Shelf project—the day occurring 5 years before the earlier of the following:
 (i) the day specified in the production licence notice in relation to the project;
 (ii) the day the production licence was issued in relation to the project; or
 (b) if the petroleum project is a combined project—the day occurring 5 years before the earlier of the following:
 (i) the earliest day specified in a production licence notice in relation to a pre‑combination project in relation to the project;
 (ii) the earliest day a production licence was issued in relation to a pre‑combination project in relation to the project; or
 (c) if the petroleum project is the Bass Strait project or the North West Shelf project—the day occurring 5 years before the earlier of the following:
 (i) the earliest day specified in a production licence notice in relation to the project;
 (ii) the earliest day a production licence was issued in relation to the project.
standard uplift expenditure year, in relation to a petroleum project, means the earlier of the following financial years and each financial year after that financial year:
 (a) the financial year in which the relevant pre‑commencement day occurred;
 (b) the financial year that starts on 1 July 2019.
starting day means:
 (a) in relation to a petroleum project other than a combined project, the Bass Strait project or the North West Shelf project—the day on which the exploration permit to which the production licence comprising the project is related was granted; or
 (b) in relation to a combined project—the earliest of the days that, but for the issue of the project combination certificate, would have been starting days in relation to such of the pre‑combination projects as were not combined projects; or
 (c) in relation to the Bass Strait project—the day on which the Bass Strait exploration permit was granted; or
 (ca) in relation to the North West Shelf project—the earlier of the day on which the exploration permit known as WA‑1‑P was granted and the day on which the exploration permit known as WA‑28‑P was granted; or
 (d) in relation to an exploration right that is an exploration permit—the day on which the exploration permit was granted; or
 (e) in relation to