Document ID: chunk:federal_register_of_legislation:C2019A00043:clause:1_4
Version: federal_register_of_legislation:C2019A00043
Segment Type: clause
Provision Reference: sch 1 cl 4
Character Range: 2908–4223

4  Subsection 34A(4)
Insert:
uplift rate:
 (a) if:
 (i) the project is not a combined project; and
 (ii) the production licence in relation to the project is a post‑June 2019 licence; and
 (iii) any person derived assessable petroleum receipts in relation to the project at any time after the licence was granted; and
 (iv) the assessable year is 10 or more years after the first financial year in which such assessable petroleum receipts were derived;
  the uplift rate is the long‑term bond rate in relation to the assessable year plus 1; or
 (b) if:
 (i) the project is a combined project; and
 (ii) one or more post‑June 2019 licences are, or have been, in force in relation to the project, or a pre‑combination project in relation to the project; and
 (iii) any person derived assessable petroleum receipts in relation to the project, or a pre‑combination project in relation to the project, at any time after the first such licence was granted; and
 (iv) the assessable year is 10 or more years after the first financial year in which such assessable petroleum receipts were derived;
  the uplift rate is the long‑term bond rate in relation to the assessable year plus 1; or
 (c) if paragraphs (a) and (b) do not apply—the uplift rate is the long‑term bond rate in relation to the assessable year plus 1.05.