Document ID: chunk:federal_register_of_legislation:C2019A00043:clause:1_37
Version: federal_register_of_legislation:C2019A00043
Segment Type: clause
Provision Reference: sch 1 cl 37
Character Range: 16334–18011

37  Transfer years that start before 1 July 2019—expenditure incurred in a standard uplift expenditure year
 (1) This clause applies if:
 (a) the transfer year starts before 1 July 2019; and
 (b) the financial year in which the expenditure was incurred (the expenditure year) is a standard uplift expenditure year in relation to the project.
 (2) If the expenditure year is the financial year immediately before the transfer year then, for the purposes of subsection 45D(2), the transfer is taken to be of the amount worked out by multiplying the amount actually transferred by the long‑term bond rate in relation to the expenditure year plus 1.15.
 (3) If the expenditure year is not the financial year immediately before the transfer year, the following provisions apply:
 (a) work out, in relation to the expenditure year and each later financial year ending before the transfer year, an amount in accordance with the formula:

  where:
  transferred amount means:
 (i) in making the calculation in relation to the expenditure year—the amount of expenditure actually transferred; and
 (ii) in making the calculation in relation to a later financial year—the amount calculated under this paragraph in relation to the expenditure and the immediately preceding financial year.
  uplift rate, for the financial year in relation to which the calculation is being made (the calculation year), means the long‑term bond rate in relation to the calculation year plus 1.15;
 (b) for the purposes of subsection 45D(2), the transfer is taken to be of the amount worked out under paragraph (a) in relation to the expenditure and the financial year immediately before the transfer year.