Document ID: chunk:federal_register_of_legislation:C2012A00018:clause:2_15:p2
Version: federal_register_of_legislation:C2012A00018
Segment Type: clause
Provision Reference: sch 2 cl 15 (pt 2/2)
Character Range: 75561–77255

the asset again on 1 June 2011 and still held it at the end of 30 June 2012.
 The expenditure incurred in buying the asset the first time (on 1 January 2011) is not interim expenditure, because the person did not hold the asset until the end of 30 June 2012, as required by paragraph (3)(b).
 The expenditure incurred in buying the asset the second time (on 1 June 2011) is interim expenditure (if it is covered by paragraph (1)(a)), because the person held the asset until the end of 30 June 2012.
 (4) If, under Part 2, the market value approach is the valuation approach for the interest in the petroleum project, the period starts:
 (a) if subclause (5) applies to the asset—on 2 May 2010; or
 (b) otherwise—on the first day, before the end of 30 June 2012, from which the person held the asset at all times until the end of 30 June 2012.
 (5) This subclause applies to an asset if, at all times between 2 May 2010 and 30 June 2012, the person holding the asset simultaneously held:
 (a) the interest in the project; or
 (b) if, for some or all of that period, the project did not exist—an interest in a retention lease, or in an exploration permit, from which the project is derived.
 (6) For the purposes of subclauses (3) to (5), an amount of expenditure to which paragraph (1)(c) applies is taken to be an asset that the person incurring the expenditure holds from the day the expenditure was incurred until the day on which the person ceases to hold the interest in the project.

Excluded expenditure
 (7) Despite subclause (1), the amount is not interim expenditure to the extent (if any) that the amount would have been excluded expenditure if it had been incurred after 1 July 2012.