45Time of incurring of expenditure

#### 45 Time of incurring of expenditure Petroleum projects generally (1) For the purposes of this Act, eligible real expenditure may be incurred by a person in relation to a petroleum project (other than the Bass Strait project or the North West Shelf project) at any time, including a time: (a) before the project commences or after the project ceases; or (b) before the commencement of this Act. The Bass Strait project (3) For the purposes of this Act, eligible real expenditure may be incurred by a person in relation to the Bass Strait project at any time on or after 1 July 1990, including a time after the project ceases. The North West Shelf project (4) For the purposes of this Act, eligible real expenditure may be incurred by a person in relation to the North West Shelf project at any time on or after 1 July 2012, including a time after the project ceases. Resource tax expenditure (7) Despite subsections (1), (3) and (4), resource tax expenditure cannot be incurred by a person, in relation to a petroleum project, before 1 July 2012. Transferred expenditure relating to the North West Shelf project (8) To avoid doubt, eligible real expenditure that a person may incur in relation to the North West Shelf project may include expenditure that a person is taken to have incurred in relation to the project, before or after the commencement of this section, because of section 48 or 48A. (9) However, if the person is taken to have incurred the expenditure because of the application of section 48 or 48A in relation to a transaction entered into before 1 July 2012, subsection 48(3) or 48A(11) (as the case requires) does not apply in relation to the transaction.