Document ID: chunk:federal_register_of_legislation:C2004A00658:clause:6_1
Version: federal_register_of_legislation:C2004A00658
Segment Type: clause
Provision Reference: sch 6 cl 1
Character Range: 8482–9185

1  Before subsection 48(1)
Insert:

 (1A) This section applies if:
 (a) at a particular time (the transfer time) a person (the vendor) enters into a transaction in relation to a petroleum project; and
 (b) the transaction has the effect of transferring to another person or persons (the purchasers):
 (i) the whole of the vendor's entitlement to derive, after the transaction, assessable receipts in relation to the project; and
 (ii) any property held by the vendor that is being used in relation to the project; and
 (c) the purchasers give consideration for the entitlement and property.
The transaction may occur at any time (even before the vendor's first year of tax in relation to the project).