Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 417.45

  (1)   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 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.

  (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.

  (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.