34AClass 2 uplifted general expenditure

34A Class 2 uplifted general expenditure

(1) For the purposes of this Act, a reference to the class 2 uplifted general expenditure incurred by a person in a financial year in relation to a petroleum project (not being a combined project, the Bass Strait project or the North West Shelf project) is a reference to the sum of: (a) any amount of class 2 general project expenditure actually incurred by the person in relation to the project in the financial year, not being expenditure incurred more than 5 years before the earlier of the following: (i) the day specified in the production licence notice in relation to the project; (ii) the day the production licence was issued in relation to the project; and (b) any amount that is taken by subsection (4) or Division 5 to be class 2 uplifted general 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 class 2 uplifted general 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 class 2 general project 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 (4) or Division 5 to be class 2 uplifted general 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 class 2 general project expenditure, or any amount that is taken by subsection (4) or Division 5 to be class 2 uplifted general expenditure, incurred by the person in relation to the pre‑combination projects in the financial year. (3) For the purposes of this Act, a reference to the class 2 uplifted general expenditure incurred by a person in a financial year in relation to the Bass Strait project or the North West Shelf project is a reference to the sum of: (a) any amount of class 2 general project expenditure actually incurred by the person in relation to the project in the financial year; and (b) any amount that is taken by subsection (4) or Division 5 to be class 2 uplifted general expenditure incurred by the person in relation to the project in the financial year. (4) For the purposes of subsection (1), (2) or (3), if the sum of: (a) the class 1 augmented bond rate general expenditure; and (b) the class 1 augmented bond rate exploration expenditure; and (c) the class 2 uplifted general expenditure; incurred by a person in a financial year (in this subsection called the assessable year) in relation to a petroleum project exceeds the assessable receipts derived by the person in the assessable year in relation to the project, the person is taken to incur, in relation to the project and on the first day of the next financial year, an amount of class 2 uplifted general expenditure worked out in accordance with the formula: where: