Document ID: chunk:federal_register_of_legislation:C2024C00818:clause:1_8:p2
Version: federal_register_of_legislation:C2024C00818
Segment Type: clause
Provision Reference: sch 1 cl 8 (pt 2/3)
Character Range: 276862–279797

(a) applies—the available exploration expenditure amount for the standard uplift expenditure year is the amount worked out under that paragraph;
 (d) if paragraph (b) applies—the available exploration expenditure amount for the standard uplift expenditure year is the amount worked out under that paragraph in relation to the most recent of the later financial years referred to in paragraph (b).
 (4) If the total of the available exploration expenditure amounts for the assessable year and the previous standard uplift expenditure years is less than or equal to the notional taxable profit:
 (a) the person is taken to have incurred an amount of class 2 uplifted exploration expenditure in the assessable year in relation to the project equal to the total of those available exploration expenditure amounts; and
 (b) that class 2 uplifted exploration expenditure is attributable to all the expenditure included in the incurred exploration expenditure amounts for the assessable year and the previous standard uplift expenditure years; and
 (c) none of the expenditure included in the incurred exploration expenditure amounts for the assessable year and the previous standard uplift expenditure years is transferable by the person in relation to the assessable year.
 (5) If the total of the available exploration expenditure amounts for the assessable year and the previous standard uplift expenditure years exceeds the notional taxable profit:
 (a) the person is taken to have incurred an amount of class 2 uplifted exploration expenditure in the assessable year in relation to the project equal to the notional taxable profit; and
 (b) the expenditure to which that class 2 uplifted exploration expenditure is attributable is to be worked out in accordance with whichever of subclauses (6) and (7) is applicable; and
 (c) the expenditure included in the incurred exploration expenditure amounts for the assessable year and the previous standard uplift expenditure years that is not expenditure to which that class 2 uplifted exploration expenditure is attributable is transferable by the person in relation to the assessable year.
 (6) If:
 (a) class 2 uplifted exploration expenditure is taken to be incurred by subclause (5); and
 (b) the available exploration expenditure amount for the earliest of the standard uplift expenditure years for which there is such an amount equals or exceeds the notional taxable profit;
the class 2 uplifted exploration expenditure is attributable to so much of the expenditure included in the incurred exploration expenditure amount for that standard uplift expenditure year as, if it had been the only expenditure included in that amount, would have made the available exploration expenditure amount for that standard uplift expenditure year equal the notional taxable profit.
 (7) If:
 (a) class 2 uplifted exploration expenditure is taken to be incurred by subclause (5); and
 (b) the notional