Document ID: chunk:federal_register_of_legislation:C2024C00818:section:48a:p2
Version: federal_register_of_legislation:C2024C00818
Segment Type: section
Provision Reference: s 48A (pt 2/3)
Character Range: 177941–180682

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 uplifted exploration expenditure and class 2 GDP factor expenditure are based.
 (ca) if section 35E did not apply immediately before the transfer time—to have incurred starting base expenditure, in relation to the project, of the transfer percentage of the starting base amount in relation to the vendor's interest; and
 (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.

Time when purchaser taken to have incurred expenditure to which paragraph (5)(ca) applies
 (7A) Expenditure that the purchaser, or any of the purchasers, is taken by paragraph (5)(ca) to have incurred is taken to have been so incurred in the first financial year in relation to which section 35E applies in relation to the project.

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 29
 (9) In any application of section 27, 28 or 29 after the transfer time, the purchaser, or each of the purchasers in proportion to its acquired entitlement to assessable receipts, is taken to have incurred the transfer percentage of any eligible real expenditure incurred by the vendor in relation to the project (including any pre‑combination project in relation to the project).

Application of section 40
 (10) In any application of section 40 after the transfer