Treasury Laws Amendment (2019 Petroleum Resource Rent Tax Reforms No. 1) Act 2019 (43 of 2019)

Schedule 1   Reform of the petroleum resource rent tax

Part 1   Uplifts for general expenditure for new projects

Petroleum Resource Rent Tax Assessment Act 1987

4   Subsection 34A(4)

Insert:

uplift rate :

(a) if:

(i) the project is not a combined project; and

(ii) the production licence in relation to the project is a post-June 2019 licence; and

(iii) any person derived assessable petroleum receipts in relation to the project at any time after the licence was granted; and

(iv) the assessable year is 10 or more years after the first financial year in which such assessable petroleum receipts were derived;

the uplift rate is the long-term bond rate in relation to the assessable year plus 1; or

(b) if:

(i) the project is a combined project; and

(ii) one or more post-June 2019 licences are, or have been, in force in relation to the project, or a pre-combination project in relation to the project; and

(iii) any person derived assessable petroleum receipts in relation to the project, or a pre-combination project in relation to the project, at any time after the first such licence was granted; and

(iv) the assessable year is 10 or more years after the first financial year in which such assessable petroleum receipts were derived;

the uplift rate is the long-term bond rate in relation to the assessable year plus 1; or

(c) if paragraphs (a) and (b) do not apply - the uplift rate is the long-term bond rate in relation to the assessable year plus 1.05.