Document ID: chunk:federal_register_of_legislation:C2010C00691:schedule:38:p3
Version: federal_register_of_legislation:C2010C00691
Segment Type: schedule
Provision Reference: sch 38 (pt 3/7)
Character Range: 133342–136097

receipts, incurred expenditure etc.
  "(5) The purchaser, or each of the purchasers in proportion to its acquired
entitlement to assessable receipts, is taken:
  (a) to have derived the transfer percentage of any assessable receipts that,
if the transfer year had ended immediately before the transfer time, would
have been assessable receipts derived by the vendor in relation to the project
in the transfer year; and
  (b) to have incurred the transfer percentage of any deductible expenditure
(other than class 2 augmented bond rate exploration expenditure or class 2 GDP
factor expenditure), in relation to the project that, if the transfer year had
ended immediately before the transfer time, would have been such deductible
expenditure incurred by the vendor in relation to the project in the transfer
year; and
  (c) to have incurred, in relation to the project, the transfer percentage of
any expenditure that, if the transfer year had ended immediately before the
transfer time, would, within the meaning of the Schedule, have been included
in the incurred exploration expenditure amount in relation to the vendor, the
project and the transfer year or a previous financial year; and
Note: This is expenditure on which class 2 augmented bond rate exploration
expenditure and class 2 GDP factor expenditure are based.
  (d) to have incurred the transfer percentage of any liability of the vendor,
and to have paid the transfer percentage of any amounts paid by the vendor, in
respect of instalments of tax in relation to the project during the part of
the transfer year that occurred before the transfer time.
Vendor taken not to have derived receipts, incurred expenditure etc.
  "(6) The vendor is taken not to have derived, incurred or paid, as the case
requires, the transfer percentage of the receipts, expenditure, liabilities
and amounts to which subsection (5) applies.
Time when purchaser taken to have incurred expenditure to which paragraph
(5)(c) applies
  "(7) Expenditure that the purchaser, or any of the purchasers, is taken by
paragraph (5)(c) to have incurred is taken to have been so incurred at the
time when the vendor incurred it, or is taken to have incurred it.
Treatment of property used in relation to the project
  "(8) As regards property used in relation to the project:
  (a) the vendor is taken not to have derived any assessable property receipts
in relation to the transaction because of the transfer of any property held by
the vendor that was being used in relation to the project at the transfer
time; and
  (b) the purchaser or purchasers are taken not to have incurred any eligible
real expenditure in relation to the transaction because of the transfer of any
such property.
Application of sections 27, 28 and