Petroleum Resource Rent Tax Assessment Act 1987

Div 8 repealed by No 43 of 2019, s 3 and Sch 2 item 66, effective 1 July 2019. For application, transitional and savings provisions, see note under s 31AA .

Div 8 inserted by No 18 of 2012, s 3 and Sch 5 item 1, effective 1 July 2012.

S 58RA repealed by No 43 of 2019, s 3 and Sch 2 item 66, effective 1 July 2019. For application, transitional and savings provisions, see note under s 31AA . S 58RA formerly read:

SECTION 58RA INTERESTS TAKEN TO BE TRANSFERRED WHEN COMBINED WITH OFFSHORE INTERESTS  
58RA(1)
If:

(a) after a person ' s interest in an onshore petroleum project is taken to be transferred to the head company or provisional head company, the project becomes part of a combined project of which another petroleum project that is not an onshore petroleum project is also a part; and

(b) the entitlement comprising the person ' s interest in the project just after that time is all of the entitlement comprising the company ' s interest in the project just before that time;

section 48 applies as if, at that time, the person ' s interest in the project just after that time had been transferred from the company under a transaction of a kind referred to in subsection 48(1A) , and as if the person had given the consideration referred to in paragraph 48(1A)(c) .

58RA(2)
If:

(a) after a person ' s interest in an onshore petroleum project is taken to be transferred to the head company or provisional head company, the project becomes part of a combined project of which another petroleum project that is not an onshore petroleum project is also a part; and

(b) the entitlement comprising the person ' s interest in the project just after that time is part, but not all, of the entitlement comprising the company ' s interest in the project just before that time;

section 48A applies as if, at that time, the person ' s interest in the project just after that time had been transferred from the company under a transaction of a kind referred to in subsection 48A(1) , and as if the person had given the consideration referred to in paragraph 48A(11)(b) .

S 58RA inserted by No 88 of 2013, s 3 and Sch 7 item 129, effective 1 July 2012.