Document ID: chunk:federal_register_of_legislation:C2024C00818:clause:1_8:p3
Version: federal_register_of_legislation:C2024C00818
Segment Type: clause
Provision Reference: sch 1 cl 8 (pt 3/3)
Character Range: 279533–281600

amount, would have made the available exploration expenditure amount for that standard uplift expenditure year equal the notional taxable profit.
 (7) If:
 (a) class 2 uplifted exploration expenditure is taken to be incurred by subclause (5); and
 (b) the notional taxable profit exceeds the available exploration expenditure amount for the earliest of the standard uplift expenditure years for which there is such an amount;
the following provisions have effect:
 (c) add amounts in accordance with the following rules:
 (i) start with the available exploration expenditure amount for the earliest of the standard uplift expenditure years for which there is such an amount and add to that, in order starting with the next earliest standard uplift expenditure year, the available exploration expenditure amounts for the later standard uplift expenditure years;
 (ii) if adding the available exploration expenditure amount for a standard uplift expenditure year would make the total exceed the notional taxable profit, add only so much of that amount as makes the total equal the notional taxable profit and do not add the available exploration expenditure amount for any later standard uplift expenditure year;
 (d) the class 2 uplifted expenditure is attributable to:
 (i) all the expenditure included in the incurred exploration expenditure amounts for each standard uplift expenditure year in relation to which the whole available exploration expenditure amount was added in accordance with subparagraphs (c)(i) and (ii); and
 (ii) if, under those subparagraphs, part only of the available exploration expenditure amount for a standard uplift expenditure year was added—so much of the expenditure included in the incurred exploration expenditure amount for that standard uplift expenditure year as, if it had been the only expenditure included in that amount, would have made the available exploration expenditure amount for that standard uplift expenditure year equal the added part.

Part 3—Class 2 GDP factor expenditure and transferable exploration expenditure