Taxation Laws Amendment Act (No. 3) 2003 (101 of 2003)

Schedule 5   Petroleum resource rent tax

Petroleum Resource Rent Tax Assessment Act 1987

7   After subsection 19(2A)

Insert:

(2B) For the purposes of this Act, there shall be taken to be included, as part of any petroleum project within the meaning of subsection (1) or (2), the carrying on of any processing of external petroleum wholly or partly using the operations, facilities and other things comprising the project:

(a) in the case of an eligible production licence referred to in subsection (1) - while that licence is in force; or

(b) in the case of 2 or more eligible production licences referred to in subsection (2) - while any of those licences are in force.

Note: Under subsection (4), the operations, facilities and other things comprising the project are limited to those used in relation to petroleum recovered from the one or more production licence areas in relation to the project.