Document ID: chunk:federal_register_of_legislation:C2012A00018:clause:4_3
Version: federal_register_of_legislation:C2012A00018
Segment Type: clause
Provision Reference: sch 4 cl 3
Character Range: 50905–52123

3                   (a) the look‑back approach is the valuation approach for the interest; and                                                                                        1 July 2002
                    (b) item 2 does not apply

Note: Eligible real expenditure incurred before 1 July 2012 in relation to an onshore petroleum project that came into existence before 2 May 2010, or in relation to the North West Shelf project, is taken into account in a person's starting base amount under Schedule 2, if the look‑back approach does not apply to the person's interest in the project.
 (6) For the purposes of subsection (5), a person holding an interest in an onshore petroleum project or the North West Shelf project is taken:
 (a) to have acquired the interest if, and when, the person is taken to have acquired that interest for the purposes of clause 18 of Schedule 2; and
 (b) (not being an individual) to have been acquired if, and when, the person is taken to have been acquired for the purposes of that clause.

Resource tax expenditure
 (7) Despite subsections (1), (2), (3) and (4), resource tax expenditure cannot be incurred by a person, in relation to a petroleum project, before 1 July 2012.