Document ID: chunk:federal_register_of_legislation:C2024C00818:clause:1_16
Version: federal_register_of_legislation:C2024C00818
Segment Type: clause
Provision Reference: sch 1 cl 16
Character Range: 293286–295067

16  Amounts to be worked out
  Work out, in relation to the person, the exploration permit or retention lease and the assessable year, the following amounts:
 (a) the total of the assessable receipts derived by the person in relation to the notional project during the period starting on 1 July 1990 and ending at the end of the assessable year;
 (b) the total of the deductible expenditure actually incurred by the person in relation to the notional project during the period starting on 1 July 1990 and ending at the end of the assessable year;
 (c) the total of:
 (i) any amounts of exploration expenditure (other than designated frontier expenditure) actually incurred by the person; and
 (ii) any amounts of uplifted frontier expenditure taken to be incurred by the person in respect of designated frontier expenditure actually incurred by the person;
  in relation to the notional project during the period starting on 1 July 1990 and ending at the end of the assessable year;
 (d) the amount worked out under paragraph (c), less the total of the amounts of non‑transferable expenditure incurred by the person in relation to the notional project during the period starting on 1 July 1990 and ending at the end of the assessable year.
In this Part, the amount worked out under paragraph (a) is called the notional assessable receipts, the amount worked out under paragraph (b) is called the notional deductible expenditure, the amount worked out under paragraph (c) is called the notional exploration expenditure and the amount worked out under paragraph (d) is called the reduced notional exploration expenditure.
Note: the effect of subsection 45D(3) must be taken into account when working out the notional deductible expenditure and the notional exploration expenditure.