Document ID: chunk:federal_register_of_legislation:C2012A00018:clause:2_19
Version: federal_register_of_legislation:C2012A00018
Segment Type: clause
Provision Reference: sch 2 cl 19
Character Range: 83572–85168

19  Acquired exploration expenditure amounts
 (1) If:
 (a) under Part 2, the look‑back approach is the valuation approach for an interest in an onshore petroleum project or the North West Shelf project; and
 (b) either:
 (i) the person holding the interest acquired the interest during the period between 1 July 2007 and 2 May 2010; or
 (ii) the person holding the interest is a company that was acquired during the period between 1 July 2007 and 2 May 2010; and
 (c) expenditure that:
 (i) the person holding the interest incurred in acquiring the interest; or
 (ii) the person making the acquisition of the company holding the interest incurred in making the acquisition;
  would, apart from subclause 18(4), be included under clause 18 in the starting base expenditure incurred by the person holding the interest;
the person holding the interest is taken, for the purposes of this Act, to have an acquired exploration expenditure amount in relation to the project equal to the amount of acquisition expenditure allocated to exploration assets and evaluation assets, as recorded in a financial report that satisfies subclause (2).
 (2) The financial report satisfies this subclause if:
 (a) it has been audited; and
 (b) it was prepared in accordance with the accounting standards (within the meaning of the Corporations Act 2001); and
 (c) it relates to a period that includes the day of the acquisition.
 (3) The acquired exploration expenditure amount is taken, for the purposes of this Act, to be acquired exploration expenditure incurred by the person holding the interest on 2 May 2010.