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

Schedule 2   Removing onshore projects from the petroleum resource rent tax

Part 3   Application, transitional and savings provisions

Division 2   General application of amendments

91   Annual returns for the financial year starting 1 July 2018

A person is not required to furnish to the Commissioner a return, under section 59 of the Petroleum Resource Rent Tax Assessment Act 1987, in relation to an onshore petroleum project in relation to the year of tax that starts on 1 July 2018 if both of the following apply:

(a) the person does not have a taxable profit in relation to the project in relation to that year of tax;

(b) sections 45A and 45B of that Act do not require the person to transfer any transferable exploration expenditure in relation to that year of tax (whether or not the expenditure was incurred in relation to, or is required to be transferred to, an onshore petroleum project).

Note: However, the Commissioner may require the person to furnish a return under section 60 of the Petroleum Resource Rent Tax Assessment Act 1987 in relation to the project in relation to the year of tax, or make an assessment of the person's taxable profit in relation to the year of tax under subsection 63(1) of that Act.