Petroleum Resource Rent Tax Assessment Amendment Act 2012 (18 of 2012)

Schedule 2   Assessable receipts

Part 1   Amendments commencing on 1 July 2012

Petroleum Resource Rent Tax Assessment Act 1987

13   Transitional

(1) For the purposes of applying section 31 of the Petroleum Resource Rent Tax Assessment Act 1987 to an onshore petroleum project or the North West Shelf project, treat any receipts:

(a) of a kind referred to in that section; and

(b) derived before 1 July 2012 in relation to activities undertaken in relation to the project on or after that day;

as having been derived in the financial year in which the activities are undertaken.

(2) For the purposes of applying subparagraph 28(b)(ii) of the Petroleum Resource Rent Tax Assessment Act 1987 in relation to an onshore petroleum project or the North West Shelf project, disregard any receipts:

(a) of a kind referred to in that subparagraph; and

(b) that relate to resource tax expenditure incurred in relation to the project before 1 July 2012.