Document ID: chunk:federal_register_of_legislation:C2024C00818:section:35e:p2
Version: federal_register_of_legislation:C2024C00818
Segment Type: section
Provision Reference: s 35E (pt 2/2)
Character Range: 124090–125247

(c) the class 2 uplifted general expenditure; and
 (d) the class 1 GDP factor expenditure; and
 (e) the class 2 uplifted exploration expenditure; and
 (f) the class 2 GDP factor expenditure; and
 (g) the resource tax expenditure; and
 (i) the starting base expenditure;
incurred by a person in a financial year (the assessable year) in relation to the petroleum project exceeds the assessable receipts derived by the person in the assessable year in relation to the project, the person is taken to incur, in relation to the project and on the first day of the next financial year, an amount of starting base expenditure worked out in accordance with the formula:

where:
augmented bond rate means the long term bond rate in relation to the assessable year plus 1.05.
available excess means so much of the excess as does not exceed the starting base expenditure incurred in the assessable year.
 (4) References in paragraph (1)(a) and subsections (1A) and (1B) to the starting base financial year for a petroleum project are references to the earliest financial year, after 30 June 2012, in which a production licence relating to the project is in existence.