Document ID: chunk:federal_register_of_legislation:C2024C00818:clause:1_14
Version: federal_register_of_legislation:C2024C00818
Segment Type: clause
Provision Reference: sch 1 cl 14
Character Range: 289461–290272

14  Assumptions on which amounts to be worked out
 (1) Amounts worked out under this Part in relation to the exploration permit or retention lease and a period (including a financial year) are to be worked out on the assumptions that:
 (a) a production licence derived from the permit or lease was in force at all times during the period; and
 (b) the petroleum project to which that production licence was related consisted only of that production licence.
In this Part, the petroleum project referred to in paragraph (b) is called the notional project.
 (2) Augmented denied deductible expenditure taken to be incurred by a person in a financial year in relation to the notional project is not deductible expenditure actually incurred by the person in relation to the notional project in the financial year.