Document ID: chunk:federal_register_of_legislation:C2024C00818:section:36:p2
Version: federal_register_of_legislation:C2024C00818
Segment Type: section
Provision Reference: s 36 (pt 2/3)
Character Range: 129898–132197

in relation to the person in relation to the year of tax;
 (b) a reference to the relevant production licence in relation to a petroleum project is a reference to:
 (i) in the case of a combined project—the production licence in relation to the project that first came into force; and
 (ii) in any other case—the production licence in relation to the project;
 (c) petroleum projects in a project group in relation to a person in relation to a year of tax shall be taken to occur in the order in which the relevant production licences in relation to the projects came into force; and
 (d) a project group, in relation to a person in relation to a financial year, shall be taken to be a related project group in relation to another project group, in relation to the person in relation to the financial year, if:
 (i) one or more of the petroleum projects in the first‑mentioned group is a project in the second‑mentioned group; or
 (ii) one or more of the petroleum projects in the first‑mentioned group is a project in another project group that is a related project group in relation to the second‑mentioned project group under subparagraph (i) or this subparagraph.
 (4) Where, by reason of the application of subsection 34(3) or 35(3) in relation to a person in relation to a petroleum project in relation to a year of tax (in this subsection referred to as the relevant year of tax), an amount of class 1 augmented bond rate exploration expenditure or class 1 GDP factor expenditure, as the case may be, would, if subsection (1) did not provide otherwise, be taken to be incurred by the person on the first day of the next succeeding year of tax, there shall, for the purposes of this section, be taken to be a carry forward expenditure amount in relation to the person in relation to the project in relation to the relevant year of tax equal to the amount that would so be taken to be incurred if:
 (a) in the case of an amount of class 1 augmented bond rate exploration expenditure—the formula in subsection 34(3) in its application in relation to the relevant year of tax consisted only of component A; and
 (b) in the case of an amount of class 1 GDP factor expenditure—the formula in subsection 35(3) in its application in relation to the relevant year of tax consisted only of component A.