Document ID: chunk:federal_register_of_legislation:C2024C00818:section:22:p2
Version: federal_register_of_legislation:C2024C00818
Segment Type: section
Provision Reference: s 22 (pt 2/2)
Character Range: 81851–83367

a taxable profit in relation to the project and the year of tax of an amount (the denied deduction amount) equal to 10% of the assessable receipts derived by the person in relation to the project in the year of tax.
 (4) However, if the project is a Greater Sunrise project, the person is taken for the purposes of this Act to have a taxable profit in relation to the project and the year of tax of an amount (the denied deduction amount) worked out using the following formula:
where:
apportionment percentage figure has the meaning given by subsection 2C(2).
initial taxable profit means the amount of taxable profit worked out under subsection (3) ignoring this subsection.
 (5) For the purposes of paragraph (3)(g), a project is excluded for a year of tax if:
 (a) the year of tax is the first financial year in which assessable petroleum receipts are derived by the person in relation to the project or one of the subsequent 7 financial years; or
 (b) the person incurs resource tax expenditure or starting base expenditure in the year of tax in relation to the project; or
 (c) the person is not taken to incur any amounts under subsection 33(3), 34(3), 34A(4), 35(3), 35C(5), 35E(3), 35F(2) or 36(1) (including because of section 48 or 48A) in relation to the project:
 (i) on the first day of the year of tax; or
 (ii) on the first day of a previous year of tax (other than the first year of tax in which the person incurred deductible expenditure in relation to the project).

Division 2—Assessable receipts