Document ID: chunk:federal_register_of_legislation:C2017C00211:clause:1_52
Version: federal_register_of_legislation:C2017C00211
Segment Type: clause
Provision Reference: sch 1 cl 52
Character Range: 17745–18858

52  After subsection 37(2)
Insert:
 (2A) Despite subsection (1), if:
 (a) a payment made by a person would, apart from this subsection, be exploration expenditure incurred by the person in relation to a petroleum project; and
 (b) the person holds, under an Australian law, an authority or right (however described) that permits activities relating to resources other than petroleum to be carried on in the eligible exploration or recovery area in relation to the project;
the payment is taken, for the purposes of this Act, to be exploration expenditure only to the extent that it would be reasonable to conclude that the purpose of the payment is exploring for petroleum in order to obtain a commercial return from petroleum.
 (2B) An authority or right referred to in paragraph (2A)(b) may be a production licence, exploration permit or retention lease, including a production licence to which the petroleum project relates.
 (2C) Subsections (2A) and (2B) are to avoid doubt, and do not extend by implication the scope of subsection (1).

Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013