Document ID: chunk:federal_register_of_legislation:C2010C00584:clause:5_7
Version: federal_register_of_legislation:C2010C00584
Segment Type: clause
Provision Reference: sch 5 cl 7
Character Range: 43168–44116

7  Clause 1 of the Schedule (definition of incurred exploration expenditure amount)
Repeal the definition, substitute:

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.