Document ID: chunk:federal_register_of_legislation:C2012A00018:clause:2_21
Version: federal_register_of_legislation:C2012A00018
Segment Type: clause
Provision Reference: sch 2 cl 21
Character Range: 86110–87349

21  Certain receipts taken to be assessable receipts
  If:
 (a) under Part 2, the look‑back approach is the valuation approach for an interest in an onshore petroleum project or the North West Shelf project; and
 (b) between the starting base day under subsection 45(5) and 30 June 2012, the person incurred, in relation to particular property, expenditure that would have been eligible real expenditure incurred by the person in relation to the project if the person were to incur it after 30 June 2012; and
 (c) between that starting base day and 30 June 2012, circumstances arose relating to the property that would have caused an assessable receipt of one of the following kinds to be derived in relation to the property if those circumstances were to arise after 30 June 2012:
 (i) an assessable property receipt;
 (ii) an assessable miscellaneous compensation receipt;
 (iii) an assessable employee amenities receipt;
an amount equal to what would have been the amount of that assessable receipt is taken, for the purposes of this Act, to be an assessable receipt of that kind derived by the person, in relation to the project, in the financial year in which the circumstances arose.

Part 5—Starting base returns and assessments