Document ID: chunk:federal_register_of_legislation:C2024C00818:clause:1_1:p1
Version: federal_register_of_legislation:C2024C00818
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 1/3)
Character Range: 264436–267255

1  Defined terms
  In this Schedule:
exploration right means an exploration permit or a retention lease.
financial year means the financial year starting on 1 July 1990 or a later financial year.
finishing day means:
 (a) in relation to a petroleum project—the first day on which there is no longer in force any production licence in relation to the project; or
 (b) in relation to an exploration permit or retention lease—the day on which the permit or lease ceases to be in force.
GDP expenditure year, in relation to a petroleum project, means a financial year that ended before the first standard uplift expenditure year in relation to the project.
incurred exploration expenditure amount, in relation to a petroleum project that is not a combined project and in relation to a financial year, means the sum of the following:
 (a) any amounts of exploration expenditure (other than designated frontier expenditure) actually incurred by the person in the financial year in relation to the project;
 (b) any amounts of uplifted frontier expenditure that the person is taken by section 36C to have incurred in the financial year in relation to the project;
 (c) any amounts of expenditure that the person is taken by subparagraph 48(1)(a)(ia) or paragraph 48A(5)(c) to have incurred in the financial year in relation to the project.
Note: The effect of subsections 35A(2), 35B(2) and 45D(3) must be taken into account when working out an incurred exploration expenditure amount.
incurred exploration expenditure amount, in relation to a petroleum project that is a combined project and in relation to a financial year, means the sum of the following:
 (a) any amounts of:
 (i) exploration expenditure (other than designated frontier expenditure) actually incurred by the person; and
 (ii) uplifted frontier expenditure that the person is taken by section 36C to have incurred;
  in the financial year in relation to the project (not being amounts incurred before the project combination certificate in relation to the project came into force);
 (b) any amounts of expenditure that the person is taken by subparagraph 48(1)(a)(ia) or paragraph 48A(5)(c) to have incurred in the financial year in relation to the project;
 (c) if the project combination certificate came into force during the financial year:
 (i) any amounts of exploration expenditure (other than designated frontier expenditure) actually incurred by the person in the financial year; and
 (ii) any amounts of uplifted frontier expenditure that the person is taken by section 36C to have incurred in the financial year; and
 (iii) any amounts of exploration expenditure that the person is taken by section 48 or 48A to have incurred in the financial year;
  in relation to the pre‑combination projects.
Note: The effect of subsections 35A(2), 35B(2) and