Document ID: chunk:federal_register_of_legislation:C2024C00818:section:35a
Version: federal_register_of_legislation:C2024C00818
Segment Type: section
Provision Reference: s 35A
Character Range: 115142–116366

35A  Class 2 uplifted exploration expenditure
 (1) For the purposes of this Act, the amount of class 2 uplifted exploration expenditure that a person is taken to have incurred in a financial year in relation to a petroleum project is to be determined in accordance with Part 2 of Schedule 1.
Note: the following provisions of Part 2 of Schedule 1 provide for a person to be taken to have incurred an amount of class 2 uplifted exploration expenditure:
• paragraph 8(4)(a)
• paragraph 8(5)(a).
 (2) The expenditure to which an amount of class 2 uplifted exploration expenditure is, according to Part 2 of Schedule 1, attributable, must not be counted again as expenditure incurred, or taken to be incurred, by a person:
 (a) when working out the liability of the person to tax in relation to a later financial year; or
 (b) when working out, in accordance with Part 2, 3 or 4 of Schedule 1, whether there is expenditure that is transferable by the person in relation to a later financial year.
Note: the following provisions of Part 2 of Schedule 1 deal with the expenditure to which an amount of class 2 uplifted exploration expenditure is attributable:
• paragraph 8(4)(b)
• paragraph 8(5)(b) and subclauses 8(6) and (7).