Document ID: chunk:federal_register_of_legislation:C2012A00018:clause:2_7
Version: federal_register_of_legislation:C2012A00018
Segment Type: clause
Provision Reference: sch 2 cl 7
Character Range: 59777–61366

7  The amount of the starting base amount
 (1) If, under Part 2, the book value approach is the valuation approach for an interest in an onshore petroleum project or the North West Shelf project, the amount of the starting base amount relating to the interest is the sum of:
 (a) the book values, worked out under Division 3, of all the starting base assets, relating to the interest, to which subclause (3) applies; and
 (b) the adjusted interim expenditure amounts relating to the interest, worked out under clause 16.
 (2) If, under Part 2, the market value approach is the valuation approach for an interest in an onshore petroleum project or the North West Shelf project, the amount of the starting base amount relating to the interest is the sum of:
 (a) unless clause 8 applies—the market values, worked out under Division 3, of all the starting base assets, relating to the interest, to which subclause (3) applies; and
 (b) if clause 8 applies—the amount worked out under subclause 8(2); and
 (c) the amounts of interim expenditure incurred in relation to the interest.
 (3) This subclause applies to a starting base asset if, at all times between 2 May 2010 and 30 June 2012, the person holding the asset simultaneously held:
 (a) the interest in the project; or
 (b) if, for some or all of that period, the project did not exist—an interest in a retention lease, or in an exploration permit, from which the project is derived.
Note: This subsection allows for a transfer of the starting base asset between 2 May 2010 and 30 June 2012, if it matches a transfer of the interest.