Document ID: chunk:federal_register_of_legislation:C2012A00018:clause:2_6
Version: federal_register_of_legislation:C2012A00018
Segment Type: clause
Provision Reference: sch 2 cl 6
Character Range: 58816–59777

6  When a person has a starting base amount
  A person has a starting base amount in relation to an interest in a petroleum project if:
 (a) the project is an onshore petroleum project or is the North West Shelf project; and
 (b) the person holds the interest; and
 (c) either:
 (i) the production licence relating to the project existed at the start of 1 July 2012; or
 (ii) there existed at that time an exploration permit, or a retention lease, from which is derived the production licence to which the project relates; and
 (d) the look‑back approach is not the valuation approach for the interest under Part 2; and
 (e) there are one or more starting base assets relating to the interest.
Note: In order for a starting base asset to relate to an interest in a petroleum project, the production licence relating to the project, or the retention lease or exploration permit from which it is derived, must have existed just before 2 May 2010: see clause 10.