Document ID: chunk:federal_register_of_legislation:C2012A00018:clause:4_35e:p2
Version: federal_register_of_legislation:C2012A00018
Segment Type: clause
Provision Reference: sch 4 cl 35E (pt 2/2)
Character Range: 47146–48024

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) The reference in paragraph (1)(a) to the starting base financial year for a petroleum project is a reference to:
 (a) if the look‑back approach is not the valuation approach for the person's interest in the project under Part 2 of Schedule 2—the earliest financial year, after 30 June 2012, in which a production licence relating to the project is in existence; or
 (b) if paragraph (a) of this subsection does not apply—the financial year commencing on 1 July 2009.