Petroleum Resource Rent Tax Assessment Act 1987

Sch 1 heading substituted by No 18 of 2012, s 3 and Sch 4 item 46, effective 1 July 2012. The heading formerly read:

SCHEDULE - PROVISIONS RELATING TO INCURRING AND TRANSFER OF EXPLORATION EXPENDITURE ON OR AFTER 1 JULY 1990

S 3 repealed by No 18 of 2012, s 3 and Sch 4 item 48, effective 1 July 2012. S 3 formerly read:

HOLDING AN INTEREST - EXPLORATION RIGHT  
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For the purposes of this Schedule, a person is taken to have held an interest in relation to an exploration right at a particular time if:

(a) where the right is an exploration permit - the person was, at that time, entitled to receive receipts from the sale of petroleum, or marketable petroleum commodities produced from petroleum, recovered from the exploration permit area; or

(b) where:

(i) the right is a retention lease; and

(ii) the time is a time after the retention lease was granted;

the person was, at that time, entitled to receive receipts from the sale of petroleum, or marketable petroleum commodities produced from petroleum, recovered from the retention lease area; or

(c) where:

(i) the right is a retention lease; and

(ii) the time is a time before the retention lease was granted;

the person was, at that time, entitled to receive receipts from the sale of petroleum, or marketable petroleum commodities produced from petroleum, recovered from the exploration permit area of the exploration permit to which the retention lease is related.