Document ID: chunk:federal_register_of_legislation:C2024C00818:schedule:1
Version: federal_register_of_legislation:C2024C00818
Segment Type: schedule
Provision Reference: sch 1
Character Range: 261776–264436

Schedule 1—Provisions relating to incurring and transfer of exploration expenditure on or after 1 July 1990
Sections 2, 35A, 35B, 45A, 45B and 45D

Table of contents
Part 1—Interpretation
Clause
1. Defined terms
2. Holding an interest—petroleum project
3. Holding an interest—exploration right
4. Amounts to be worked out to nearest dollar
Part 2—Class 2 augmented bond rate exploration expenditure and transferable exploration expenditure
5. Interpretation
6. Matters dealt with in this Part
7. What happens if there is no notional taxable profit
8. What happens if there is a notional taxable profit
Part 3—Class 2 GDP factor expenditure and transferable exploration expenditure
9. Interpretation
10. Matters dealt with in this Part
11. What happens if there is no notional taxable profit
12. What happens if there is a notional taxable profit
Part 4—Transferable exploration expenditure not incurred in relation to a project
13. Matters dealt with in this Part
14. Assumptions on which amounts to be worked out
15. Non‑transferable expenditure
16. Amounts to be worked out
17. What happens if the notional assessable receipts equal or exceed the notional deductible expenditure
18. What happens if the notional deductible expenditure exceeds the notional assessable receipts
Part 5—General rules relating to transfer of exploration expenditure
19. Interpretation
20. Matters dealt with in this Part
21. Rule—must be a notional taxable profit in relation to receiving project
22. Rule—person must have held interests in relation to transferring entity and receiving project
23. Rule—transfer to project with most recent production licence
24. Rule—restriction on transfer of ABR expenditure
25. Rule—restriction on transfer of GDP expenditure
26. Rule—total transferred not to exceed notional taxable profit
Part 6—Rules relating to transfer of exploration expenditure between group companies
27. Interpretation
28. Situations to which this Part applies
29. Matters dealt with in this Part
30. Rule—must be a notional taxable profit in relation to profit company and receiving project
31. Rule—loss company and profit company to have held interests and been group companies
32. Rule—transfer to project with most recent production licence
33. Rule—restriction on transfer of ABR expenditure
34. Rule—restriction on transfer of GDP expenditure
35. Rule—total transferred not to exceed notional taxable profit
Part 7—Compounding of transferred amounts
36. Matters dealt with in this Part
37. What happens if expenditure was incurred in an ABR expenditure year
38. What happens if expenditure was incurred in a GDP expenditure year

Part 1—Interpretation