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

Schedule 3   Deductible expenditure

Petroleum Resource Rent Tax Assessment Act 1987

20   Clause 1 of the Schedule (definition of relevant pre-commencement day )

Repeal the definition, substitute:

relevant pre-commencement day , in relation to a petroleum project, means:

(a) if the petroleum project is not a combined project, the Bass Strait project or the North West Shelf project - the day occurring 5 years before the earlier of the following:

(i) the day specified in the production licence notice in relation to the project;

(ii) the day the production licence was issued in relation to the project; or

(b) if the petroleum project is a combined project, the Bass Strait project or the North West Shelf project - the day occurring 5 years before the earlier of the following:

(i) the earliest day specified in a production licence notice in relation to a pre-combination project in relation to the project;

(ii) the earliest day a production licence was issued in relation to a pre-combination project in relation to the project.