Treasury Laws Amendment (Timor Sea Maritime Boundaries Treaty) Act 2019 (59 of 2019)

Schedule 2   Other amendments

Income Tax Assessment Act 1997

16   Subsection 960-505(2) (including the notes)

Repeal the subsection, substitute:

Offshore areas

(2) Australia , when used in a geographical sense, includes an offshore area for the purposes of the Offshore Petroleum and Greenhouse Gas Storage Act 2006.

Note 1: The offshore area includes all things located in that area, including all installations and structures such as oil and gas rigs. The area also extends to the airspace over, and the sea-bed and subsoil beneath, that area.

Note 2: The offshore area includes the exclusive economic zone and the continental shelf of Australia.