Income Tax Assessment Act 1997
View history note
Hide history noteFor the purposes of section 40-835 , if:
(a) a *project amount was allocated to a project pool before the *Timor Sea Maritime Boundaries Treaty entered into force; and
(b) the project amount was expenditure for a purpose of undertaking *transitioned petroleum activities in relation to the *JPDA;
to the extent that the operation of the project in an income year relates to that expenditure, 10% of the project is taken to operate, in the year, for a *taxable purpose.
417-45(2)
For the purposes of section 40-835 , if:
(a) a *project amount was allocated to a project pool before the *Timor Sea Maritime Boundaries Treaty entered into force; and
(b) the project amount was expenditure for a purpose of undertaking *transitioned petroleum activities otherwise than in relation to the *JPDA;
to the extent that the operation of the project in an income year relates to that expenditure, the project is taken to operate, in the year, for a *taxable purpose.
417-45(3)
If subsection (1) or (2) applies to one or more *project amounts allocated to a project pool, for the income year (the initial income year ) in which the *Timor Sea Maritime Boundaries Treaty entered into force or a later income year, calculate your deduction under section 40-830 or 40-832 for the project pool as follows:
(a) calculate the amount of the deduction as if none of those project amounts had been allocated to the project pool;
(b) add to that amount the following:
(i) for the initial income year - 40% of the sum of those project amounts;
(ii) for the next income year - 40% of that sum;
(iii) for the income year after that next income year - 20% of that sum.
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