Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2020 (F2020L01610)

Schedule 1   Amendments commencing day after registration

Petroleum Resource Rent Tax Assessment Regulation 2015

63   At the end of Part 7

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54 Application of amendments made by the Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2020

(1) The amendments made by Schedule 1 to the Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2020 apply in relation to:

(a) an amount of deductible expenditure incurred, or taken to be incurred, in the financial year starting on 1 July 2019 or any later financial year; and

(b) an amount of assessable receipts derived, or taken to be derived, in the financial year starting on 1 July 2019 or any later financial year.

(2) Despite the amendment of paragraph 47(c) made by that Schedule, that paragraph continues to apply in relation to a decision under subsection 23(2) (about comparable uncontrolled prices) that relates to an assessment for a period ending before 1 July 2019.

(3) The amendment of section 50 made by that Schedule applies in relation to elections whether made before, on or after the commencement of that Schedule.