Document ID: chunk:federal_register_of_legislation:C2024C00818:section:35c:p1
Version: federal_register_of_legislation:C2024C00818
Segment Type: section
Provision Reference: s 35C (pt 1/2)
Character Range: 117545–120168

35C  Resource tax expenditure
 (1) For the purposes of this Act, a reference to the resource tax expenditure incurred by a person in a financial year in relation to a petroleum project (not being a combined project) is a reference to the sum of:
 (a) any amount of resource tax expenditure actually incurred by the person in relation to the project in the financial year; and
 (b) any amount that is taken by subsection (5) or Division 5 to be resource tax expenditure incurred by the person in relation to the project in the financial year.
 (2) For the purposes of this Act, a reference to the resource tax expenditure incurred by a person in a financial year in relation to a combined project is a reference to the sum of:
 (a) any amount of resource tax expenditure actually incurred by the person in relation to the project in the financial year (not being expenditure incurred before the project combination certificate in relation to the project came into force); and
 (b) any amount that is taken by subsection (5) or Division 5 to be resource tax expenditure incurred by the person in relation to the project in the financial year; and
 (c) if the financial year is the year in which the project combination certificate in relation to the project came into force—any amount of resource tax expenditure, or any amount that is taken by subsection (5) or Division 5 to be resource tax expenditure, incurred by the person in relation to the pre‑combination projects in the financial year.
 (3) For the purposes of subsections (1) or (2), a reference to resource tax expenditure incurred by a person in a financial year in relation to a petroleum project is a reference to resource tax expenditure incurred by the person in the year to the extent the expenditure:
 (a) is incurred in relation to petroleum recovered, on or after 1 July 2012, from the production licence area for the project; and
 (b) is incurred under an Australian law (other than this Act); and
 (c) is expenditure to which one of the following applies:
 (i) the expenditure is a royalty, or would be a royalty if the petroleum were owned by the Commonwealth just before the recovery of the petroleum;
 (ii) the expenditure is an excise;
 (iii) the expenditure is an amount calculated by reference to the revenue, expenditure or profits made or incurred by a person in relation to petroleum recovered from the production licence area for the project;
 (iv) the expenditure is an amount calculated by reference to the value, at the wellhead, of petroleum recovered from the production licence area for the project.
 (4) However, the amount of resource