Document ID: chunk:federal_register_of_legislation:C2012A00018:clause:4_45
Version: federal_register_of_legislation:C2012A00018
Segment Type: clause
Provision Reference: sch 4 cl 45
Character Range: 48074–50305

45  Time of incurring of expenditure

Petroleum projects generally
 (1) For the purposes of this Act, eligible real expenditure may be incurred by a person in relation to a petroleum project (other than an onshore petroleum project, the Bass Strait project or the North West Shelf project) at any time, including a time:
 (a) before the project commences or after the project ceases; or
 (b) before the commencement of this Act.

Onshore petroleum projects
 (2) For the purposes of this Act, eligible real expenditure may be incurred by a person in relation to an onshore petroleum project:
 (a) if the project, or the exploration permit or retention lease from which the production licence to which the project relates is derived, came into existence before 2 May 2010—at any time on or after the starting base day under subsection (5) for the person's interest in the project, including a time before the project commences or after the project ceases; or
 (b) if the project, or the exploration permit or retention lease from which the production licence to which the project relates is derived, came into existence on or after 2 May 2010—at any time on or after 2 May 2010, including a time before the project commences or after the project ceases.

The Bass Strait project
 (3) For the purposes of this Act, eligible real expenditure may be incurred by a person in relation to the Bass Strait project at any time on or after 1 July 1990, including a time after the project ceases.

The North West Shelf project
 (4) For the purposes of this Act, eligible real expenditure may be incurred by a person in relation to the North West Shelf project at any time on or after the starting base day under subsection (5) for the person's interest in the project, including a time after the project ceases.

Starting base days
 (5) For the purposes of paragraph (2)(a) or subsection (4), the starting base day for a person's interest in an onshore petroleum project, or in the North West Shelf project, is:

Starting base days
Item                If ...                                                                                                                                                            The starting base day is ...