Document ID: chunk:federal_register_of_legislation:C2012A00018:clause:2_23
Version: federal_register_of_legislation:C2012A00018
Segment Type: clause
Provision Reference: sch 2 cl 23
Character Range: 88368–90873

23  Starting base assessments
 (1) If a person has given to the Commissioner a valid starting base return relating to a petroleum project, the Commissioner is taken to have made, in accordance with what the person specified in the return, an ascertainment (a starting base assessment) of:
 (a) if the book value approach or market value approach is the valuation approach relating to the person's interest in the project—the amount of the starting base amount relating to the person's interest in the project; or
 (b) if the look‑back approach is the valuation approach relating to the person's interest in the project—the amount and kind of eligible real expenditure incurred before 1 July 2012 relating to the person's interest in the project.
 (2) The starting base assessment is taken to have been made on the day the starting base return is given to the Commissioner.
 (3) On and after the day the Commissioner is taken to have made the starting base assessment, the return is taken to be a notice of the starting base assessment:
 (a) under the hand of the Commissioner; and
 (b) given to the person on the day the Commissioner is taken to have made the starting base assessment.
 (4) The starting base assessment is taken, from the time it is made, to be an assessment for the purposes of:
 (a) section 65 (validity of assessments); and
 (b) section 66 (objections to assessments); and
 (c) Division 3 of Part VI (amendment of assessments); and
 (d) section 106 (evidence).
 (5) Without limiting subclause (4), from the first time an assessment (a general assessment) is made of the person's taxable profit (or that the person has no taxable profit), in relation to the project and a year of tax commencing on or after 1 July 2012:
 (a) the starting base assessment is taken, for the purposes of this Act, to form part of the general assessment; and
 (b) any objection against the general assessment under section 66 must not relate to matters to which the starting base assessment relates; and
 (c) any amendment of the general assessment under Division 3 of Part VI must not relate to matters to which the starting base assessment relates, except to the extent necessary to give effect to the starting base assessment (including the starting base assessment as amended).
 (6) Without limiting subsection 67(2), the Commissioner may amend a general assessment at any time to the extent necessary to give effect to the starting base assessment (including the starting base assessment as amended).