Document ID: chunk:federal_register_of_legislation:C2024C00818:clause:1_4b
Version: federal_register_of_legislation:C2024C00818
Segment Type: clause
Provision Reference: sch 1 cl 4B
Character Range: 270449–271817

4B  Greater Sunrise transferable exploration expenditure must be adjusted

Transfers from a Greater Sunrise project
 (1) If, in relation to a year of tax, transferable exploration expenditure is transferred from a Greater Sunrise project to a petroleum project other than a Greater Sunrise project, the amount of that expenditure for the purposes of the other petroleum project is taken to be the amount worked out using the following formula:

where:
amount transferred means the amount transferred, in relation to the year of tax, from the Greater Sunrise project before that amount is reduced by the operation of this subclause.
apportionment percentage figure has the meaning given by subsection 2C(2).

Transfers to a Greater Sunrise project
 (2) If, in relation to a year of tax, transferable exploration expenditure is transferred to a Greater Sunrise project from a petroleum project other than a Greater Sunrise project, the amount of that expenditure for the purposes of the Greater Sunrise project is taken to be the amount worked out using the following formula:

where:
amount transferred means the amount transferred, in relation to the year of tax, from the project other than the Greater Sunrise project before that amount is increased by the operation of this subclause.
apportionment percentage figure has the meaning given by subsection 2C(2).