Tax Laws Amendment (2013 Measures No. 2) Act 2013 (124 of 2013)

Schedule 6   Petroleum resource rent tax

Petroleum Resource Rent Tax Assessment Act 1987

11   Application of amendments

(1) The amendments made by this Schedule apply, in relation to a petroleum project, to any payment made by a person on or after:

(a) the applicable commencement date in relation to the project, unless paragraph (b) or (c) applies; or

(b) the starting base day for the person’s interest in the project under subsection 45(5) of the Petroleum Resource Rent Tax Assessment Act 1987, if:

(i) the project is an onshore petroleum project or the North West Shelf project, or an onshore petroleum project is a pre-combination project in relation to the project; and

(ii) item 2 or 3 of the table in that subsection sets out that starting base day; or

(c) the day provided under subclause 15(3) or (4) of Schedule 2 to that Act, in relation to the asset to which the payment relates, if:

(i) the project is an onshore petroleum project or the North West Shelf project, or an onshore petroleum project is a pre-combination project in relation to the project; and

(ii) the person chose, under Part 2 of that Schedule, the book value approach or the market value approach for the person’s interest in the project; and

(iii) the payment is interim expenditure, within the meaning of clause 15 of that Schedule, in relation to that asset.

(2) Despite subitem (1), the amendments made by items 9 and 10 do not apply in relation to a payment by a person that was made:

(a) before 1 July 2012; and

(b) in relation to a petroleum project for which the person has been required under section 59 of the Petroleum Resource Rent Tax Assessment Act 1987 to furnish a return before 14 December 2012.

(3) Despite subitem (1), the amendments made by items 9 and 10 apply in relation to a payment by a person that was made:

(a) before 1 July 2013; and

(b) in relation to a petroleum project for which the person has not been required under section 59 of the Petroleum Resource Rent Tax Assessment Act 1987 to furnish a return before 14 December 2012;

as if subsection 41(1A) of that Act as amended by this Schedule did not apply, in relation to the payment, to the other person referred to in subsection 41(1) of that Act as so amended.

(4) For the purposes of this item, a person is taken to make a payment when the person becomes liable to make the payment.