PART II
-
INTERPRETATION
SECTION 2
2
DEFINED TERMS
In this Act, unless the contrary intention appears:
Aboriginal person
has the meaning given by subsection 4(1) of the
Aboriginal and Torres Strait Islander Act 2005
.
History
Definition of
"
Aboriginal person
"
inserted by No 18 of 2012, s 3 and Sch 3 item 1, effective 1 July 2012.
access authority
means a petroleum access authority within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
History
Definition of
"
access authority
"
substituted by No 43 of 2019, s 3 and Sch 2 item 1, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
access authority
means:
(a)
a petroleum access authority within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
; or
(b)
an authority or right (however described) under another Australian law to carry on, in relation to petroleum, specified operations in a specified area (other than an authority or right that is an exploration permit, retention lease, production licence or infrastructure licence).
Note:
The Resources Minister may determine that an authority or right is, or is not, an authority or right of a kind mentioned in this paragraph: see section 2AA.
Definition of
"
access authority
"
substituted by No 18 of 2012, s 3 and Sch 1 item 1, effective 1 July 2012. The definition formerly read:
access authority
means a petroleum access authority within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
Definition of
"
access authority
"
amended by No 117 of 2008, s 3 and Sch 3 item 33, by substituting
"
Offshore Petroleum and Greenhouse Gas Storage Act 2006
"
for
"
Offshore Petroleum Act 2006
"
, effective 22 November 2008.
Definition of
"
access authority
"
amended by No 117 of 2008, s 3 and Sch 2 item 59, by substituting
"
means a petroleum access authority within the meaning of
"
for
"
has the same meaning as in
"
, effective 22 November 2008.
Definition of
"
access authority
"
substituted by No 17 of 2006, s 3 and Sch 2 item 73, effective 1 July 2008. The definition formerly read:
access authority
means an access authority under Part
III
of the
Petroleum (Submerged Lands) Act 1967
.
No 17 of 2006, s 3 and Sch 2 item 95 contains the following transitional provision:
95 Transitional
-
pre-commencement events and circumstances
95
For the purposes of the application of:
(a)
the
Petroleum Resource Rent Tax Assessment Act 1987
(the
PRRTA Act
); or
(b)
an Act with which the PRRTA Act is incorporated;
to events that occurred, and circumstances that arose, before 1 July 2008:
(c)
each of the following definitions has effect as if the defined expression included anything that was covered by the definition as in force before 1 July 2008:
(i)
the definition of
access authority
;
(ii)
the definition of
block
;
(iii)
the definition of
certifying Minister
;
(iv)
the definition of
designated frontier expenditure
;
(v)
the definition of
excluded fee
;
(vi)
the definition of
exploration permit
;
(vii)
the definition of
exploration permit area
;
(viii)
the definition of
holder of a registered interest
;
(ix)
the definition of
petroleum
;
(x)
the definition of
pipeline licence
;
(xi)
the definition of
production licence
;
(xii)
the definition of
production licence area
;
(xiii)
the definition of
registered holder
;
(xiv)
the definition of
retention lease
;
(xv)
the definition of
retention lease area
;
…
…
accounts
includes:
(a)
ledgers; and
(b)
journals; and
(c)
statements of financial performance; and
(d)
profit and loss accounts; and
(e)
balance-sheets; and
(f)
statements of financial position;
and also includes statements, reports and notes attached to, or intended to be read with, anything covered by any of the above paragraphs.
History
Definition of
"
accounts
"
inserted by
No 47 of 2009
, s 3 and Sch 3 item 1, applicable in relation to instalments and assessments of tax under the
Petroleum Resource Rent Tax Assessment Act 1987
for years of tax that start on or after 1 July 2009.
acquisition
has the meaning given by section
195-1
of the GST Act.
History
Definition of
"
acquisition
"
substituted by No 43 of 2019, s 3 and Sch 2 item 2, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
acquisition
:
(a)
in clauses 18 and 19 of Schedule 2
-
has the meaning given by subclauses 18(7) and (8) of that Schedule; and
(b)
otherwise
-
has the meaning given by section 195-1 of the GST Act.
Definition of
"
acquisition
"
substituted by No 88 of 2013, s 3 and Sch 7 item 77, effective 1 July 2012. The definition formerly read:
acquisition
has the meaning given by section 195-1 of the GST Act.
Definition of
"
acquisition
"
inserted by No 177 of 1999.
agent
includes:
(a)
a person who, for and on behalf of a person out of Australia, has the management or control in Australia of the whole or a part of a business of the second-mentioned person; and
(b)
a person declared by the Commissioner, by notice in writing served on the person, to be an agent or the sole agent of a person for the purposes of this Act.
annual transfer
has the meaning given by subsection
45E(4)
.
History
Definition of
"
annual transfer
"
inserted by No 78 of 2006, s 3 and Sch 1 item 1, applicable only in relation to instalment transfers under the
Petroleum Resource Rent Tax Assessment Act 1987
for financial years that start on or after 1 July 2006.
applicable commencement date
, in relation to a petroleum project, means:
(a)
unless paragraph (b) or (c) applies
-
1 July 1986; or
(b)
if the project is the Bass Strait project, or if the Bass Strait project is a pre-combination project in relation to the project
-
1 July 1990; or
(c)
if the project is the North West Shelf project
-
1 July 2012.
History
Definition of
"
applicable commencement date
"
amended by No 43 of 2019, s 3 and Sch 2 item 3, by substituting para (c), effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. Para (c) formerly read:
(c)
if the project is an onshore petroleum project or the North West Shelf project, or if an onshore petroleum project is a pre-combination project in relation to the project
-
1 July 2012.
Definition of
"
applicable commencement date
"
amended by No 18 of 2012, s 3 and Sch 1 items 2 and 3, by inserting
"
or (c)
"
in para (a) and inserting para (c) at the end, effective 1 July 2012.
applicable foreign currency
has the meaning given by section
58C
.
History
Definition of
"
applicable foreign currency
"
inserted by
No 47 of 2009
, s 3 and Sch 3 item 2, applicable in relation to instalments and assessments of tax under the
Petroleum Resource Rent Tax Assessment Act 1987
for years of tax that start on or after 1 July 2009.
apportionment percentage figure
:
(a)
in relation to a year of tax
-
has the meaning given by subsection
2C(2)
; and
(b)
in relation to any other period
-
has the meaning given by subsection
2C(3)
.
History
Definition of
"
apportionment percentage figure
"
substituted by No 37 of 2024, s 3 and Sch 5 item 1, effective 1 July 2024. For application provisions, see note under s
22(3)
. The definition formerly read:
apportionment percentage figure
has the meaning given by subsection 2C(2).
Definition of
"
apportionment percentage figure
"
inserted by No 47 of 2004, s 3 and Sch 2 item 1, effective 7 February 2007.
approved form
has the meaning given by section
388-50
in Schedule
1
to the
Taxation Administration Act 1953
.
Note:
Forms previously approved by the Commissioner under this Act continue in effect: see item 230 of Schedule 10 to the
Tax Laws Amendment (2004 Measures No. 7) Act 2005
.
History
Definition of
"
approved form
"
inserted by No 41 of 2005, s 3 and Sch 10 item 225, effective 1 April 2005. Act No 41 of 2005, s 3 and Sch 10 item 230 contains the following transitional provision:
Transitional
230
An approval of a form for the purposes of the
Petroleum Resource Rent Tax Assessment Act 1987
that was in force immediately before the commencement of this item has effect after that commencement as if it had been done under section
388-50
in Schedule
1
to the
Taxation Administration Act 1953
.
assessment
means the ascertainment of the amount of a person
'
s taxable profit (or that a person has no taxable profit) in relation to a year of tax and a petroleum project, and of the tax payable on that amount (or that no tax is payable).
History
Definition of
"
assessment
"
amended by No 43 of 2019, s 3 and Sch 2 item 4, by repealing the note, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The note formerly read:
Note:
Under clause 23 of Schedule 2, assessments may also be made for starting base purposes.
Definition of
"
assessment
"
substituted by No 2 of 2015, s 3 and Sch 2 item 88, effective 25 February 2015. For saving provisions, see note under Part
IX
heading. The definition formerly read:
assessment
means:
(a)
the ascertainment of the amount of a person
'
s taxable profit (or that a person has no taxable profit) in relation to a year of tax and a petroleum project, and of the tax payable on that amount (or that no tax is payable); or
(b)
the ascertainment of the additional tax payable under a provision of Part
IX
.
Note:
Under clause
23
of Schedule
2
, assessments may also be made for starting base purposes.
Definition of
"
assessment
"
amended by No 18 of 2012, s 3 and Sch 4 item 1, by inserting the note at the end, effective 1 July 2012.
Definition of
"
assessment
"
amended by No 78 of 2006, s 3 and Sch 4 item 1, by substituting para (a), applicable only in relation to returns and assessments of tax, and instalments of tax, under the
Petroleum Resource Rent Tax Assessment Act 1987
for financial years that start on or after 1 July 2006. Para (a) formerly read:
(a)
the ascertainment of the amount of the taxable profit of a person of a year of tax in relation to a petroleum project and of the tax payable on that amount; or
Australia
, when used in a geographical sense, has the same meaning as in the
Income Tax Assessment Act 1997
.
History
Definition of
"
Australia
"
substituted by No 2 of 2015, s 3 and Sch 4 item 70, applicable to an income year, a year of income or a tax period that commences on or after 1 July 2015. The definition formerly read:
Australia
, when used in a geographical sense, includes the external Territories.
Australian law
has the meaning given by subsection
995-1(1)
of the
Income Tax Assessment Act 1997
.
History
Definition of
"
Australian law
"
inserted by No 18 of 2012, s 3 and Sch 3 item 2, effective 1 July 2012.
basic company group
has the meaning given by section
2B
.
History
Definition of
"
basic company group
"
inserted by
No 47 of 2009
, s 3 and Sch 3 item 3, applicable in relation to instalments and assessments of tax under the
Petroleum Resource Rent Tax Assessment Act 1987
for years of tax that start on or after 1 July 2009.
Bass Strait exploration permit
means the exploration permit known as VIC/P1.
Bass Strait project
means the petroleum project referred to in subsection
19(1A)
.
block
has the same meaning as in the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
History
Definition of
"
block
"
substituted by No 43 of 2019, s 3 and Sch 2 item 5, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
block
means:
(a)
in relation to an offshore area
-
a block within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
; or
(b)
in relation to an onshore area
-
an area (however described) referred to in another Australian law relating to exploration for, or recovery of, petroleum.
Definition of
"
block
"
substituted by No 18 of 2012, s 3 and Sch 1 item 4, effective 1 July 2012. The definition formerly read:
block
has the same meaning as in the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
Definition of
"
block
"
amended by No 117 of 2008, s 3 and Sch 3 item 34, by substituting
"
Offshore Petroleum and Greenhouse Gas Storage Act 2006
"
for
"
Offshore Petroleum Act 2006
"
, effective 22 November 2008.
Definition of
"
block
"
amended by No 17 of 2006, s 3 and Sch 2 item 74, by substituting
"
Offshore Petroleum Act 2006
"
for
"
Petroleum (Submerged Lands) Act 1967
"
, effective 1 July 2008. For transitional provision, see note under definition of
"
access authority
"
.
certifying Minister
(Repealed by No 88 of 2009)
History
Definition of
"
certifying Minister
"
repealed by No 88 of 2009, s 3 and Sch 5 item 209, effective 18 September 2009. The definition formerly read:
certifying Minister
means the Minister for the time being administering the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
Definition of
"
certifying Minister
"
amended by No 117 of 2008, s 3 and Sch 3 item 35, by substituting
"
Offshore Petroleum and Greenhouse Gas Storage Act 2006
"
for
"
Offshore Petroleum Act 2006
"
, effective 22 November 2008.
Definition of
"
certifying Minister
"
amended by No 17 of 2006, s 3 and Sch 2 item 75, by substituting
"
Offshore Petroleum Act 2006
"
for
"
Petroleum (Submerged Lands) Act 1967
"
, effective 1 July 2008. For transitional provision, see note under definition of
"
access authority
"
.
combined project
means a petroleum project to which subsection
19(2)
applies.
Commissioner
means the Commissioner of Taxation.
company
means a body corporate that has a share capital.
condensate
means a mixture that includes pentane and hexane, where the pentane and hexane comprise more than 50% by weight of the mixture.
consolidated group
(Repealed by No 43 of 2019)
History
Definition of
"
consolidated group
"
repealed by No 43 of 2019, s 3 and Sch 2 item 6(a), effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
consolidated group
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
Definition of
"
consolidated group
"
inserted by No 18 of 2012, s 3 and Sch 5 item 6, effective 1 July 2012.
created
(Repealed by No 43 of 2019)
History
Definition of
"
created
"
repealed by No 43 of 2019, s 3 and Sch 2 item 6(b), effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
created
, in relation to a consolidated group or a MEC group, has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
Definition of
"
created
"
substituted by No 88 of 2013, s 3 and Sch 7 item 78, effective 1 July 2012. The definition formerly read:
created
:
(a)
in relation to a consolidated group
-
has the meaning given by section
703-15
of the
Income Tax Assessment Act 1997
; and
(b)
in relation to a MEC group
-
has the meaning given by section
719-25
of that Act.
Definition of
"
created
"
inserted by No 18 of 2012, s 3 and Sch 5 item 7, effective 1 July 2012.
creditable purpose
has the meaning given by section 195-1 of the GST Act.
History
Definition of
"
creditable purpose
"
inserted by No 177 of 1999.
current apportionment percentage
has the meaning given by subsection
2C(1)
.
History
Definition of
"
current apportionment percentage
"
inserted by No 47 of 2004, s 3 and Sch 2 item 2, effective 7 February 2007.
decreasing adjustment
has the meaning given by section 195-1 of the GST Act.
History
Definition of
"
decreasing adjustment
"
inserted by No 177 of 1999.
Deputy Commissioner
means a Deputy Commissioner of Taxation.
designated company group
has the meaning given by section
2BA
.
History
Definition of
"
designated company group
"
inserted by
No 47 of 2009
, s 3 and Sch 3 item 4, applicable in relation to instalments and assessments of tax under the
Petroleum Resource Rent Tax Assessment Act 1987
for years of tax that start on or after 1 July 2009.
designated frontier area
means that block or those blocks that constitute both:
(a)
an area or part of an area:
(i)
specified in section
36A
; or
(ii)
specified in an instrument made under subsection
36B(1)
; and
(b)
an exploration permit area.
History
Definition of
"
designated frontier area
"
inserted by No 41 of 2005, s 3 and Sch 5 item 1, applicable in respect of any exploration expenditure incurred (whether before or after 1 April 2005) where the eligible exploration or recovery area is a designated frontier area.
designated frontier expenditure
, in relation to a petroleum project and a financial year, means exploration expenditure that is actually incurred:
(a)
by a person in that year where the eligible exploration or recovery area in relation to the project is a designated frontier area; and
(b)
during the original period of the exploration permit concerned (before the permit is first renewed or ceases to be in force);
other than exploration expenditure that is incurred in evaluating or delineating a petroleum pool (within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
) that has been discovered in a designated frontier area.
History
Definition of
"
designated frontier expenditure
"
amended by No 117 of 2008, s 3 and Sch 3 item 36, by substituting
"
Offshore Petroleum and Greenhouse Gas Storage Act 2006
"
for
"
Offshore Petroleum Act 2006
"
, effective 22 November 2008.
Definition of
"
designated frontier expenditure
"
amended by No 17 of 2006, s 3 and Sch 2 item 76, by substituting
"
Offshore Petroleum Act 2006
"
for
"
Petroleum (Submerged Lands) Act 1967
"
, effective 1 July 2008. For transitional provision, see note under definition of
"
access authority
"
.
Definition of
"
designated frontier expenditure
"
inserted by No 41 of 2005, s 3 and Sch 5 item 2, applicable in respect of any exploration expenditure incurred (whether before or after 1 April 2005) where the eligible exploration or recovery area is a designated frontier area.
eligible production licence
(Repealed by No 18 of 2012)
History
Definition of
"
eligible production licence
"
repealed by No 18 of 2012, s 3 and Sch 1 item 5, effective 1 July 2012. The definition formerly read:
eligible production licence
means a production licence other than a production licence that is related to one of the North West Shelf exploration permits.
eligible real expenditure
means exploration expenditure, general project expenditure, resource tax expenditure, starting base expenditure or closing-down expenditure.
History
Definition of
"
eligible real expenditure
"
amended by No 43 of 2019, s 3 and Sch 2 item 7, by omitting
"
acquired exploration expenditure,
"
after
"
resource tax expenditure,
"
, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
.
Definition of
"
eligible real expenditure
"
amended by No 18 of 2012, s 3 and Sch 3 item 3 and Sch 4 item 2, by inserting
"
, resource tax expenditure
"
and
"
, acquired exploration expenditure, starting base expenditure
"
, effective 1 July 2012.
employee amenities
means housing, health, educational, recreational, welfare or other similar facilities and services for, or facilities and services involved in the supply of meals to, employees or dependants of employees, not being facilities and services conducted for the purpose of profit-making.
excess closing-down expenditure
has the meaning given by paragraph
46(1)(a)
.
History
Definition of
"
excess closing-down expenditure
"
inserted by
No 47 of 2009
, s 3 and Sch 3 item 5, applicable in relation to instalments and assessments of tax under the
Petroleum Resource Rent Tax Assessment Act 1987
for years of tax that start on or after 1 July 2009.
excluded commodity
means a marketable petroleum commodity that:
(a)
has been sold;
(b)
after being produced, has been further processed or treated;
(c)
has been moved away from the place of its production other than to a storage site adjacent to that place; or
(d)
has been moved away from a storage site adjacent to the place of its production.
excluded fee
means an amount of a kind referred to in paragraph 113(1)(c), subsection 115(5), paragraph 118(1)(c), subsection 178(4) or paragraph 181(1)(c) of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
History
Definition of
"
excluded fee
"
substituted by No 43 of 2019, s 3 and Sch 2 item 8, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
excluded fee
means:
(a)
an amount of a kind referred to in paragraph 113(1)(c), subsection 115(5), paragraph 118(1)(c), subsection 178(4) or paragraph 181(1)(c) of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
; or
(b)
a similar amount payable, under another Australian law, in relation to the grant of an exploration permit, retention lease or production licence.
Definition of
"
excluded fee
"
substituted by No 18 of 2012, s 3 and Sch 1 item 6, effective 1 July 2012. The definition formerly read:
excluded fee
means an amount of a kind referred to in paragraph 94(1)(c), subsection 96(5), paragraph 99(1)(c), subsection 154(4) or paragraph 157(1)(c) of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
Definition of
"
excluded fee
"
amended by No 117 of 2008, s 3 and Sch 3 item 37, by substituting
"
Offshore Petroleum and Greenhouse Gas Storage Act 2006
"
for
"
Offshore Petroleum Act 2006
"
, effective 22 November 2008.
Definition of
"
excluded fee
"
substituted by No 17 of 2006, s 3 and Sch 2 item 77, effective 1 July 2008. For transitional provision, see note under definition of
"
access authority
"
. The definition formerly read:
excluded fee
means an amount of a kind referred to in paragraph
22B(5)(b)
,
24(1)(b)
,
26(1)(b)
,
48(1)(b)
or
50(b)
of the
Petroleum (Submerged Lands) Act 1967
.
exploration permit
means a petroleum exploration permit within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
History
Definition of
"
exploration permit
"
substituted by No 43 of 2019, s 3 and Sch 2 item 9, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
exploration permit
means:
(a)
a petroleum exploration permit within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
; or
(b)
an authority or right (however described) under another Australian law:
(i)
to explore for petroleum in an area; or
(ii)
to recover petroleum on an appraisal basis in that area; or
(iii)
to carry on such operations, and execute such works, in the area as are necessary for those purposes;
that is not an authority or right to recover petroleum other than on an appraisal basis.
Note:
An authority or right may not be covered by this paragraph because it is the subject of a determination of the Resources Minister under section 2AA, or because the activities relating to petroleum are only incidental to the activities relating to other resources (see section 2AC).
Definition of
"
exploration permit
"
amended by No 96 of 2014, s 3 and Sch 1 item 47, by substituting the note at the end of paragraph (b), effective 30 September 2014. For transitional provisions, see note under s
2AB
. The note formerly read:
Note:
The Resources Minister may determine that an authority or right is, or is not, an authority or right of a kind mentioned in this paragraph: see section
2AA
.
Definition of
"
exploration permit
"
substituted by No 18 of 2012, s 3 and Sch 1 item 7, effective 1 July 2012. The definition formerly read:
exploration permit
means a petroleum exploration permit within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006.
Definition of
"
exploration permit
"
amended by No 117 of 2008, s 3 and Sch 3 item 38, by substituting
"
Offshore Petroleum and Greenhouse Gas Storage Act 2006
"
for
"
Offshore Petroleum Act 2006
"
, effective 22 November 2008.
Definition of
"
exploration permit
"
amended by No 117 of 2008, s 3 and Sch 2 item 60, by substituting
"
means a petroleum exploration permit within the meaning of
"
for
"
has the same meaning as in
"
, effective 22 November 2008.
Definition of
"
exploration permit
"
substituted by No 17 of 2006, s 3 and Sch 2 item 78, effective 1 July 2008. For transitional provision, see note under definition of
"
access authority
"
. The definition formerly read:
exploration permit
means an exploration permit for petroleum under Part
III
of the
Petroleum (Submerged Lands) Act 1967
.
exploration permit area
means a petroleum exploration permit area within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
History
Definition of
"
exploration permit area
"
substituted by No 43 of 2019, s 3 and Sch 2 item 10, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
exploration permit area
means:
(a)
a petroleum exploration permit area within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
; or
(b)
the area covered by an authority or right mentioned in paragraph (b) of the definition of
exploration permit
.
Definition of
"
exploration permit area
"
substituted by No 18 of 2012, s 3 and Sch 1 item 8, effective 1 July 2012. The definition formerly read:
exploration permit area
means a petroleum exploration permit area within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
Definition of
"
exploration permit area
"
amended by No 117 of 2008, s 3 and Sch 3 item 39, by substituting
"
Offshore Petroleum and Greenhouse Gas Storage Act 2006
"
for
"
Offshore Petroleum Act 2006
"
, effective 22 November 2008.
Definition of
"
exploration permit area
"
amended by No 117 of 2008, s 3 and Sch 2 item 61, by substituting
"
means a petroleum exploration permit area within the meaning of
"
for
"
has the same meaning as in
"
, effective 22 November 2008.
Definition of
"
exploration permit area
"
substituted by No 17 of 2006, s 3 and Sch 2 item 79, effective 1 July 2008. For transitional provision, see note under definition of
"
access authority
"
. The definition formerly read:
exploration permit area
means a permit area within the meaning of the
Petroleum (Submerged Lands) Act 1967
.
external petroleum
, in relation to a petroleum project, means petroleum, or constituents of petroleum, recovered from an area or areas other than the production licence area or production licence areas in relation to the project.
History
Definition of
"
external petroleum
"
inserted by No 101 of 2003, s 3 and Sch 5 item 1, effective 14 October 2003.
facilities
means land, buildings, plant, equipment and other facilities.
financial year
means any financial year that commenced or commences on or after 1 July 1979.
foreign currency
means a currency other than Australian currency.
History
Definition of
"
foreign currency
"
inserted by
No 47 of 2009
, s 3 and Sch 3 item 6, applicable in relation to instalments and assessments of tax under the
Petroleum Resource Rent Tax Assessment Act 1987
for years of tax that start on or after 1 July 2009.
future closing-down expenditure
has the meaning given by section
2D
.
History
Definition of
"
future closing-down expenditure
"
inserted by No 78 of 2006, s 3 and Sch 3 item 1, applicable only in relation to assessments of tax under the
Petroleum Resource Rent Tax Assessment Act 1987
for financial years that start on or after 1 July 2006.
GDP factor
, in relation to a financial year, means the GDP factor for the financial year worked out in accordance with section
2A
.
general interest charge
means the charge worked out under Part IIA of the
Taxation Administration Act 1953
.
History
Definition of
"
general interest charge
"
amended by
No 101 of 2006
, s 3 and Sch 2 item 1041, by amending references to repealed inoperative provisions, effective 14 September 2006. For application and saving provisions see the
CCH Australian Income Tax Legislation archive
.
Greater Sunrise project
means a petroleum project for the recovery of petroleum from one or more of the Greater Sunrise unit reservoirs.
History
Definition of
"
Greater Sunrise project
"
inserted by No 47 of 2004, s 3 and Sch 2 item 3, effective 7 February 2007.
Greater Sunrise unit area
has the same meaning as in the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
History
Definition of
"
Greater Sunrise unit area
"
amended by No 117 of 2008, s 3 and Sch 3 item 39A, by substituting
"
Offshore Petroleum and Greenhouse Gas Storage Act 2006
"
for
"
Offshore Petroleum Act 2006
"
, effective 22 November 2008.
Definition of
"
Greater Sunrise unit area
"
amended by No 49 of 2007, s 3 and Sch 1 item 88, by substituting
"
Offshore Petroleum Act 2006
"
for
"
Petroleum (Submerged Lands) Act 1967
"
, effective 1 July 2008.
Definition of
"
Greater Sunrise unit area
"
inserted by No 47 of 2004, s 3 and Sch 2 item 4, effective 7 February 2007.
Greater Sunrise unit reservoirs
has the same meaning as in the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
History
Definition of
"
Greater Sunrise unit reservoirs
"
amended by No 117 of 2008, s 3 and Sch 3 item 39B, by substituting
"
Offshore Petroleum and Greenhouse Gas Storage Act 2006
"
for
"
Offshore Petroleum Act 2006
"
, effective 22 November 2008.
Definition of
"
Greater Sunrise unit reservoirs
"
amended by No 49 of 2007, s 3 and Sch 1 item 89, by substituting
"
Offshore Petroleum Act 2006
"
for
"
Petroleum (Submerged Lands) Act 1967
"
, effective 1 July 2008.
Definition of
"
Greater Sunrise unit reservoirs
"
inserted by No 47 of 2004, s 3 and Sch 2 item 5, effective 7 February 2007.
group company
has the meaning given by section
2B
.
History
Definition of
"
group company
"
inserted by
No 47 of 2009
, s 3 and Sch 3 item 7, applicable in relation to instalments and assessments of tax under the
Petroleum Resource Rent Tax Assessment Act 1987
for years of tax that start on or after 1 July 2009.
GST
has the meaning given by section 195-1 of the GST Act.
History
Definition of
"
GST
"
inserted by No 177 of 1999.
GST Act
means the
A New Tax System (Goods and Services Tax) Act 1999
.
History
Definition of
"
GST Act
"
inserted by No 177 of 1999.
head company
, of a designated company group, has the meaning given by section
2BA
.
History
Definition of
"
head company
"
substituted by No 43 of 2019, s 3 and Sch 2 item 11, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
head company
:
(a)
of a designated company group
-
has the meaning given by section 2BA; and
(b)
of a consolidated group or a MEC group
-
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
Definition of
"
head company
"
substituted by No 18 of 2012, s 3 and Sch 5 item 8, effective 1 July 2012. The definition formerly read:
head company
of a designated company group has the meaning given by section
2BA
.
Definition of
"
head company
"
inserted by
No 47 of 2009
, s 3 and Sch 3 item 8, applicable in relation to instalments and assessments of tax under the
Petroleum Resource Rent Tax Assessment Act 1987
for years of tax that start on or after 1 July 2009.
holder of a registered interest
, in relation to a production licence, means a person holding an interest in the production licence, being an interest created by a dealing in relation to which an entry has been made under subsection 494(3) of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
History
Definition of
"
holder of a registered interest
"
substituted by No 43 of 2019, s 3 and Sch 2 item 12, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
holder of a registered interest
, in relation to a production licence, means a person holding an interest in the production licence, being an interest created by a dealing in relation to which:
(a)
an entry has been made under subsection 494(3) of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
; or
(b)
an entry has been made in a register mentioned in paragraph (b) of the definition of
registered holder
.
Definition of
"
holder of a registered interest
"
substituted by No 18 of 2012, s 3 and Sch 1 item 9, effective 1 July 2012. The definition formerly read:
holder of a registered interest
, in relation to a production licence, means a person holding an interest in the production licence, being an interest created by a dealing in relation to which an entry has been made under subsection 271(3) of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
Definition of
"
holder of a registered interest
"
amended by No 117 of 2008, s 3 and Sch 3 item 40, by substituting
"
Offshore Petroleum and Greenhouse Gas Storage Act 2006
"
for
"
Offshore Petroleum Act 2006
"
, effective 22 November 2008.
Definition of
"
holder of a registered interest
"
amended by No 17 of 2006, s 3 and Sch 2 item 80, by substituting
"
subsection 276(3) of the
Offshore Petroleum Act 2006
"
for
"
subsection 81(12) of the
Petroleum (Submerged Lands) Act 1967
"
, effective 1 July 2008. For transitional provision, see note under definition of
"
access authority
"
.
increasing adjustment
has the meaning given by section 195-1 of the GST Act.
History
Definition of
"
increasing adjustment
"
inserted by No 177 of 1999.
ineligible project
, in relation to a financial year, means a petroleum project that is a pre-combination project by virtue of the issue of a project combination certificate during the financial year.
infrastructure licence
has the meaning given by section 7 of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
History
Definition of
"
infrastructure licence
"
substituted by No 43 of 2019, s 3 and Sch 2 item 13, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
infrastructure licence
means:
(a)
an infrastructure licence within the meaning of section 7 of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
; or
(b)
an authority or right (however described) under another Australian law to construct and operate facilities in a specified area for engaging in any of the following activities (other than an authority or right that is an exploration permit, retention lease, production licence or pipeline licence):
(i)
remote control of facilities, structures or installations used to recover petroleum in a production licence area;
(ii)
processing petroleum recovered in any place, including converting petroleum into another form by physical or chemical means, or both, and partial processing of petroleum;
(iii)
storing petroleum before it is transported to another place;
(iv)
preparing petroleum for transport to another place (for example, pumping or compressing);
(v)
activities related to any of the above.
Note:
The Resources Minister may determine that an authority or right is, or is not, an authority or right of a kind mentioned in this paragraph: see section 2AA.
Definition of
"
infrastructure licence
"
substituted by No 18 of 2012, s 3 and Sch 1 item 10, effective 1 July 2012. The definition formerly read:
infrastructure licence
has the meaning given by section 7 of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
Definition of
"
infrastructure licence
"
amended by No 102 of 2009, s 3 and Sch 1 item 68, by substituting
"
section 7
"
for
"
section 6
"
, effective 9 October 2009.
Definition of
"
infrastructure licence
"
amended by No 117 of 2008, s 3 and Sch 3 item 41, by substituting
"
Offshore Petroleum and Greenouse Gas Storage Act 2006
"
for
"
Offshore Petroleum Act 2006
"
, effective 22 November 2008.
Definition of
"
infrastructure licence
"
substituted by No 78 of 2006, s 3 and Sch 3 item 3, effective 1 July 2006. The definition formerly read:
infrastructure licence
means an infrastructure licence under Part
III
of the
Petroleum (Submerged Lands) Act 1967
.
Definition of
"
infrastructure licence
"
inserted by No 78 of 2006, s 3 and Sch 3 item 2, applicable only in relation to assessments of tax under the
Petroleum Resource Rent Tax Assessment Act 1987
for financial years that start on or after 1 July 2006.
input tax credit
has the meaning given by section 195-1 of the GST Act.
History
Definition of
"
input tax credit
"
inserted by No 177 of 1999.
instalment of tax
means an instalment of tax payable under Division
2
of Part VIII.
instalment percentage
, in relation to an instalment period in a year of tax, means:
(a)
in the case of the first instalment period in the year of tax
-
25%;
(b)
in the case of the second instalment period in the year of tax
-
50%; and
(c)
in the case of the third instalment period in the year of tax
-
75%.
instalment period
, in relation to an instalment of tax in a year of tax, means the period commencing at the beginning of the year of tax and ending at the end of the month preceding that in which the instalment is due and payable.
instalment transfer
has the meaning given by subsection
45E(5)
.
History
Definition of
"
instalment transfer
"
inserted by No 78 of 2006, s 3 and Sch 1 item 2, applicable only in relation to instalment transfers under the
Petroleum Resource Rent Tax Assessment Act 1987
for financial years that start on or after 1 July 2006.
instalment transfer charge period
has the meaning given by subsection
98A(4)
.
History
Definition of
"
instalment transfer charge period
"
inserted by No 78 of 2006, s 3 and Sch 1 item 3, applicable only in relation to instalment transfers under the
Petroleum Resource Rent Tax Assessment Act 1987
for financial years that start on or after 1 July 2006.
instalment transfer excess
has the meaning given by subsection
98A(1)
.
History
Definition of
"
instalment transfer excess
"
inserted by No 78 of 2006, s 3 and Sch 1 item 4, applicable only in relation to instalment transfers under the
Petroleum Resource Rent Tax Assessment Act 1987
for financial years that start on or after 1 July 2006.
instalment transfer interest charge
has the meaning given by subsection
98A(4)
.
History
Definition of
"
instalment transfer interest charge
"
inserted by No 78 of 2006, s 3 and Sch 1 item 5, applicable only in relation to instalment transfers under the
Petroleum Resource Rent Tax Assessment Act 1987
for financial years that start on or after 1 July 2006.
internal petroleum
, in relation to a petroleum project, means petroleum, or constituents of petroleum, recovered from the production licence area or production licence areas in relation to the project, where:
(a)
the petroleum, or the constituents of petroleum, is, or is to be, recovered or processed:
(i)
by a person entitled to derive assessable receipts in relation to the project; and
(ii)
for or on behalf of another person who is entitled to derive assessable receipts in relation to the project; or
(b)
the petroleum, or the constituents of petroleum, is, or is to be, sold:
(i)
by a person entitled to derive assessable receipts in relation to the project; and
(ii)
to another person who is entitled to derive assessable receipts in relation to the project.
History
Definition of
"
internal petroleum
"
inserted by
No 47 of 2009
, s 3 and Sch 3 item 26, applicable in relation to instalments and assessments of tax under the
Petroleum Resource Rent Tax Assessment Act 1987
for years of tax that start on or after 1 July 2008.
lease derived production licence
means a production licence that is derived from a retention lease.
liable person
has the meaning given by subsection
98A(1)
.
History
Definition of
"
liable person
"
inserted by No 78 of 2006, s 3 and Sch 1 item 6, applicable only in relation to instalment transfers under the
Petroleum Resource Rent Tax Assessment Act 1987
for financial years that start on or after 1 July 2006.
licensed property
, in relation to a petroleum project, has the meaning given by paragraph
2D(1)(b)
.
History
Definition of
"
licensed property
"
inserted by No 78 of 2006, s 3 and Sch 3 item 4, applicable only in relation to assessments of tax under the
Petroleum Resource Rent Tax Assessment Act 1987
for financial years that start on or after 1 July 2006.
liquefied petroleum gas
means a mixture that includes propane and butane, where the propane and butane comprise more than 50% by weight of the mixture.
long-term bond rate
means:
(a)
in relation to the financial year commencing on 1 July 1979
-
0.1066; and
(b)
in relation to the financial year commencing on 1 July 1980
-
0.1258; and
(c)
in relation to the financial year commencing on 1 July 1981
-
0.1548; and
(d)
in relation to the financial year commencing on 1 July 1982
-
0.1443; and
(e)
in relation to the financial year commencing on 1 July 1983
-
0.1272; and
(f)
in relation to the financial year commencing on 1 July 1984
-
0.1341; and
(g)
in relation to the financial year commencing on 1 July 1985
-
0.1365; and
(h)
in relation to any subsequent financial year that is earlier than the financial year commencing on 1 July 2012
-
the average, expressed as a decimal fraction, of the assessed secondary market yields in respect of 10-year non-rebate Treasury bonds published by the Reserve Bank during that year or, if no assessed secondary market yield in respect of bonds of that kind was published by the Reserve Bank during the year, the decimal fraction determined by the Treasurer by notice in writing published in the
Gazette
for the purposes of this definition in relation to the financial year; and
(i)
in relation to the financial year commencing on 1 July 2012 and any subsequent financial year
-
has the same meaning as in subsection
995-1(1)
of the
Income Tax Assessment Act 1997
; and
(j)
in relation to a period that is not a financial year
-
has the same meaning as in subsection
995-1(1)
of the
Income Tax Assessment Act 1997
.
History
Definition of
"
long-term bond rate
"
amended by No 18 of 2012, s 3 and Sch 4 items 18 to 20, by inserting
"
and
"
at the end of paras (a) to (f), inserting
"
that is earlier than the financial year commencing on 1 July 2012
"
after
"
subsequent financial year
"
in para (h), and inserting paras (i) and (j), effective 1 July 2012.
marketable petroleum commodity
has the meaning given by section
2E
.
History
Definition of
"
marketable petroleum commodity
"
substituted by No 136 of 2011, s 3 and Sch 2 item 1, applicable in relation to the year of tax commencing on 1 July 1990 and each later year of tax. The definition formerly read:
marketable petroleum commodity
means any of the following products produced from petroleum:
(a)
stabilised crude oil;
(b)
sales gas;
(c)
condensate;
(d)
liquefied petroleum gas;
(e)
ethane;
(f)
any other product declared by the regulations to be a marketable petroleum commodity;
not being a product produced from another product of a kind referred to in paragraphs (a) to (f) (inclusive).
market value
, of a commodity, at a particular time, is its market value reduced by an amount equal to the amount of the input tax credit (if any) to which a person would be entitled if:
(a)
the person had acquired the commodity at that time; and
(b)
the acquisition had been solely for a creditable purpose.
History
Definition of
"
market value
"
inserted by No 177 of 1999.
MEC group
(Repealed by No 43 of 2019)
History
Definition of
"
MEC group
"
repealed by No 43 of 2019, s 3 and Sch 2 item 14(a), effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
MEC group
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
Definition of
"
MEC group
"
inserted by No 18 of 2012, s 3 and Sch 5 item 9, effective 1 July 2012.
member
(Repealed by No 43 of 2019)
History
Definition of
"
member
"
repealed by No 43 of 2019, s 3 and Sch 2 item 14(b), effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
member
:
(a)
in relation to a consolidated group
-
has the meaning given by section 703-15 of the
Income Tax Assessment Act 1997
; and
(b)
in relation to a MEC group
-
has the meaning given by section 719-25 of that Act.
Definition of
"
member
"
inserted by No 18 of 2012, s 3 and Sch 5 item 10, effective 1 July 2012.
North West Shelf exploration permits
means the exploration permits known as WA-1-P and WA-28-P.
North West Shelf project
means the petroleum project referred to in subsection 19(1B).
History
Definition of
"
North West Shelf project
"
inserted by No 18 of 2012, s 3 and Sch 1 item 12, effective 1 July 2012.
notional tax amount
has the meaning given by section
97
.
History
Definition of
"
notional tax amount
"
inserted by No 88 of 2013, s 3 and Sch 7 item 79, effective 1 July 2012.
offence against this Act
includes an offence against:
(a)
the
Crimes Act 1914
; or
(b)
the
Taxation Administration Act 1953
;
relating to this Act.
officer
means a person appointed or engaged under the
Public Service Act 1999
.
History
Definition of
"
officer
"
substituted by Act No 146 of 1999. The definition formerly read:
officer
means an officer or employee of the Australian Public Service.
oil shale
means any shale or other rock (other than coal) from which a fluid consisting of or including hydrocarbons may be extracted or produced.
History
Definition of
"
oil shale
"
inserted by No 18 of 2012, s 3 and Sch 1 item 13, effective 1 July 2012.
onshore area
(Repealed by No 43 of 2019)
History
Definition of
"
onshore area
"
repealed by No 43 of 2019, s 3 and Sch 2 item 14(c), effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
onshore area
, in relation to a State or Territory, means the area of the State or Territory that is not part of that State
'
s or Territory
'
s offshore area within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
and is not within the Joint Petroleum Development Area within the meaning of that Act.
Definition of
"
onshore area
"
inserted by No 18 of 2012, s 3 and Sch 1 item 14, effective 1 July 2012.
onshore petroleum project
(Repealed by No 43 of 2019)
History
Definition of
"
onshore petroleum project
"
repealed by No 43 of 2019, s 3 and Sch 2 item 14(d), effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
onshore petroleum project
means a petroleum project for which:
(a)
no part of the production licence area is a petroleum production licence area within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
; and
(b)
no part of the production licence area is an area within the Joint Petroleum Development Area within the meaning of that Act.
Definition of
"
onshore petroleum project
"
inserted by No 18 of 2012, s 3 and Sch 1 item 15, effective 1 July 2012.
overall company group
has the meaning given by section
2B
.
History
Definition of
"
overall company group
"
inserted by
No 47 of 2009
, s 3 and Sch 3 item 9, applicable in relation to instalments and assessments of tax under the
Petroleum Resource Rent Tax Assessment Act 1987
for years of tax that start on or after 1 July 2009.
permit derived production licence
means a production licence that is derived from an exploration permit.
petroleum
means:
(a)
petroleum within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
; or
(b)
oil shale.
History
Definition of
"
petroleum
"
amended by No 96 of 2014, s 3 and Sch 1 item 48, by omitting
"
However,
petroleum
does not include a taxable resource within the meaning of the
Minerals Resource Rent Tax Act 2012
.
"
after para (b), effective 30 September 2014. For transitional provisions see note under s
2AB
.
Definition of
"
petroleum
"
substituted by No 18 of 2012, s 3 and Sch 1 item 16, effective 1 July 2012. The definition formerly read:
petroleum
has the same meaning as in the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
Definition of
"
petroleum
"
amended by No 117 of 2008, s 3 and Sch 3 item 42, by substituting
"
Offshore Petroleum and Greenhouse Gas Storage Act 2006
"
for
"
Offshore Petroleum Act 2006
"
, effective 22 November 2008.
Definition of
"
petroleum
"
amended by No 17 of 2006, s 3 and Sch 2 item 81, by substituting
"
Offshore Petroleum Act 2006
"
for
"
Petroleum (Submerged Lands) Act 1967
"
, effective 1 July 2008. For transitional provision, see note under definition of
"
access authority
"
.
petroleum project
or
project
means a petroleum project within the meaning of subsection
19(1)
or (2), and includes the extended meaning given by subsection 19(2B) or (2C).
History
Definition of
"
petroleum project or project
"
amended by
No 47 of 2009
, s 3 and Sch 3 item 27, by inserting
"
or (2C)
"
at the end, applicable in relation to instalments and assessments of tax under the
Petroleum Resource Rent Tax Assessment Act 1987
for years of tax that start on or after 1 July 2008.
Definition of
"
petroleum project
"
amended by No 101 of 2003, s 3 and Sch 5 item 4, by inserting
"
, and includes the extended meaning given by subsection 19(2B)
"
at the end, effective 14 October 2003.
pipeline licence
has the same meaning as in the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
History
Definition of
"
pipeline licence
"
substituted by No 43 of 2019, s 3 and Sch 2 item 15, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
pipeline licence
means:
(a)
a pipeline licence within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
; or
(b)
an authority or right (however described) under another Australian law:
(i)
to construct a pipeline in a specified area in accordance with any specified conditions; and
(ii)
to construct in that area specified pumping stations, tank stations and valve stations at specified positions; and
(iii)
to operate that pipeline and those pumping stations, tank stations and valve stations; and
(iv)
to carry on such operations, to execute such works and to do all such other things in that area as are necessary for, or incidental to, the construction or operation of that pipeline and those pumping stations, tank stations and valve stations.
Note:
The Resources Minister may determine that an authority or right is, or is not, an authority or right of a kind mentioned in this paragraph: see section 2AA.
Definition of
"
pipeline licence
"
substituted by No 18 of 2012, s 3 and Sch 1 item 17, effective 1 July 2012. The definition formerly read:
pipeline licence
has the same meaning as in the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
Definition of
"
pipeline licence
"
amended by No 117 of 2008, s 3 and Sch 3 item 43, by substituting
"
Offshore Petroleum and Greenhouse Gas Storage Act 2006
"
for
"
Offshore Petroleum Act 2006
"
, effective 22 November 2008.
Definition of
"
pipeline licence
"
substituted by No 17 of 2006, s 3 and Sch 2 item 82, effective 1 July 2008. For transitional provision, see note under definition of
"
access authority
"
. The definition formerly read:
pipeline licence
means a licence under Part
III
of the
Petroleum (Submerged Lands) Act 1967
to construct and operate a pipeline.
post-30 June 2008 petroleum project
means a petroleum project, where the production licence, or each production licence, in relation to the project came into force after 30 June 2008, and includes the North-West shelf project.
History
Definition of
"
post-30 June 2008 petroleum project
"
amended by No 43 of 2019, s 3 and Sch 2 item 16, by omitting
"
an onshore petroleum project and
"
after
"
and includes
"
, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
.
Definition of
"
post-30 June 2008 petroleum project
"
amended by No 18 of 2012, s 3 and Sch 4 item 21, by inserting
"
, and includes an onshore petroleum project and the North-West shelf project
"
at the end, effective 1 July 2012.
Definition of
"
post-30 June 2008 petroleum project
"
inserted by
No 47 of 2009
, s 3 and Sch 3 item 21, effective 1 July 2008.
pre-1 July 2008 petroleum project
means a petroleum project other than a post-30 June 2008 petroleum project.
History
Definition of
"
pre-1 July 2008 petroleum project
"
inserted by
No 47 of 2009
, s 3 and Sch 3 item 22, effective 1 July 2008.
pre-combination project
, in relation to a combined project, means:
(a)
any petroleum project that, immediately before the project combination certificate that gave rise to the combined project came into force, was a petroleum project in relation to any one or more of the production licences specified in the certificate; and
(b)
any petroleum project that is a pre-combination project in relation to another petroleum project that is a pre-combination project in relation to the combined project under paragraph (a) or this paragraph.
History
Definition of
"
pre-combination project
"
amended by No 18 of 2012, s 3 and Sch 1 item 18, by omitting
"
eligible
"
before
"
production licences
"
in para (a), effective 1 July 2012.
pre-licence area
, in relation to a production licence, means:
(a)
if the production licence was derived from an exploration permit
-
the exploration permit area of the exploration permit; or
(b)
if the production licence was derived from a retention lease
-
either:
(i)
the retention lease area of the retention lease; or
(ii)
the exploration permit area of the exploration permit to which the retention lease is related.
History
Definition of
"
pre-licence area
"
inserted by No 18 of 2012, s 3 and Sch 4 item 22, effective 1 July 2012.
processing of external petroleum
, in relation to a petroleum project, includes the stabilisation, transportation, storage or recovery of external petroleum in relation to the project.
History
Definition of
"
processing of external petroleum
"
inserted by No 101 of 2003, s 3 and Sch 5 item 5, effective 14 October 2003.
processing of internal petroleum
, in relation to a petroleum project, includes the stabilisation, transportation, storage or recovery of internal petroleum in relation to the project.
History
Definition of
"
processing of internal petroleum
"
inserted by
No 47 of 2009
, s 3 and Sch 3 item 28, applicable in relation to instalments and assessments of tax under the
Petroleum Resource Rent Tax Assessment Act 1987
for years of tax that start on or after 1 July 2008.
production licence
means:
(a)
a petroleum production licence within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
; or
(b)
a lawful authority or right (however described) to undertake activities in the Western Greater Sunrise area for the recovery of petroleum from one or more of the Greater Sunrise unit reservoirs.
(c)
(Repealed by No 43 of 2019)
History
Definition of
"
production licence
"
amended by No 43 of 2019, s 3 and Sch 2 items 17
-
19, by substituting
"
reservoirs.
"
for
"
reservoirs; or
"
in para (b) and repealing para (c) and the note, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. Para (c) formerly read:
(c)
an authority or right (however described) under another Australian law to undertake activities for the recovery of petroleum from an area (other than an authority or right that is an exploration permit or a retention lease).
Note:
An authority or right may not be covered by this paragraph because it is the subject of a determination of the Resources Minister under section 2AA, or because it is limited to the incidental recovery of coal seam gas (see section 2AB).
Definition of
"
production licence
"
amended by No 96 of 2014, s 3 and Sch 1 item 49, by substituting the note at the end of para (c), effective 30 September 2014. For transitional provisions see note under s
2AB
. The note formerly read:
Note:
The Resources Minister may determine that an authority or right is, or is not, an authority or right of a kind mentioned in this paragraph: see section
2AA
.
Definition of
"
production licence
"
amended by No 18 of 2012, s 3 and Sch 1 item 19, by inserting para (c) and the note at the end, effective 1 July 2012.
Definition of
"
production licence
"
amended by No 117 of 2008, s 3 and Sch 3 item 44, by substituting
"
Offshore Petroleum and Greenhouse Gas Storage Act 2006
"
for
"
Offshore Petroleum Act 2006
"
, effective 22 November 2008.
Definition of
"
production licence
"
amended by No 117 of 2008, s 3 and Sch 2 item 62, by inserting
"
petroleum
"
before
"
production
"
in para (a), effective 22 November 2008.
Definition of
"
production licence
"
substituted by No 49 of 2007, s 3 and Sch 1 item 90, effective 1 July 2008 . The definition formerly read:
production licence
has the same meaning as in the
Offshore Petroleum Act 2006.
Definition of
"
production licence
"
substituted by No 17 of 2006, s 3 and Sch 2 item 83, effective 1 July 2008. For transitional provision, see note under definition of
"
access authority
"
. The definition formerly read:
production licence
means:
(a)
a production licence for petroleum under Part
III
of the
Petroleum (Submerged Lands) Act 1967
; or
(b)
a lawful authority or right (however described) to undertake activities in the Western Greater Sunrise area for the recovery of petroleum from one or more of the Greater Sunrise unit reservoirs.
History
Definition of
"
production licence
"
substituted by No 47 of 2004, s 3 and Sch 2 item 6, effective 7 February 2007. The definition formerly read:
production licence
means a production licence for petroleum under Part
III
of the
Petroleum (Submerged Lands) Act 1967
.
production licence area
means a petroleum production licence area within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
and, in relation to a Greater Sunrise project, includes the Western Greater Sunrise area.
History
Definition of
"
production licence area
"
substituted by No 43 of 2019, s 3 and Sch 2 item 20, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
production licence area
means the following:
(a)
a petroleum production licence area within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
;
(b)
the area covered by an authority or right mentioned in paragraph (c) of the definition of
production licence
;
and, in relation to the Greater Sunrise project, includes the Western Greater Sunrise area.
Definition of
"
production licence area
"
substituted by No 18 of 2012, s 3 and Sch 1 item 20, effective 1 July 2012. The definition formerly read:
production licence area
means a petroleum production licence area within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
and, in relation to a Greater Sunrise project, includes the Western Greater Sunrise area.
Definition of
"
production licence area
"
amended by No 117 of 2008, s 3 and Sch 3 item 45, by substituting
"
Offshore Petroleum and Greenhouse Gas Storage Act 2006
"
for
"
Offshore Petroleum Act 2006
"
, effective 22 November 2008.
Definition of
"
production licence area
"
amended by No 117 of 2008, s 3 and Sch 2 item 63, by inserting
"
petroleum
"
after
"
means a
"
, effective 22 November 2008.
Definition of
"
production licence area
"
substituted by No 49 of 2007, s 3 and Sch 1 item 91, effective 1 July 2008. The definition formerly read:
production licence area
has the same meaning as in the
Offshore Petroleum Act 2006
.
Definition of
"
production licence area
"
substituted by No 17 of 2006, s 3 and Sch 2 item 84, effective 1 July 2008. For transitional provision, see note under definition of
"
access authority
"
. The definition formerly read:
production licence area
means a licence area within the meaning of the
Petroleum (Submerged Lands) Act 1967
and, in relation to a Greater Sunrise project, includes the Western Greater Sunrise area .
Definition of
"
production licence area
"
substituted by No 47 of 2004, s 3 and Sch 2 item 7, effective 7 February 2007. The definition formerly read:
production licence area
means a licence area within the meaning of the
Petroleum (Submerged Lands) Act 1967
.
production licence notice
, in relation to a petroleum project, means a notice issued under subsection 258(7) of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
in relation to the project.
History
Definition of
"
production licence notice
"
substituted by No 43 of 2019, s 3 and Sch 2 item 21, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
production licence notice
, in relation to a petroleum project, means:
(a)
a notice issued under subsection 258(7) of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
in relation to the project; or
(b)
a notice issued by a State or Territory authority that specifies the day that sufficient information has been provided to determine the application for the production licence in relation to the project.
Definition of
"
production licence notice
"
inserted by No 18 of 2012, s 3 and Sch 3 item 4, effective 1 July 2012.
project combination certificate
means a certificate under section
20
.
provisional head company
(Repealed by No 43 of 2019)
History
Definition of
"
provisional head company
"
repealed by No 43 of 2019, s 3 and Sch 2 item 22, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
provisional head company
of a MEC group has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
Definition of
"
provisional head company
"
inserted by No 18 of 2012, s 3 and Sch 5 item 11, effective 1 July 2012.
registered holder
has the same meaning as in the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
History
Definition of
"
registered holder
"
substituted by No 43 of 2019, s 3 and Sch 2 item 23, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
registered holder
means:
(a)
in relation to a title under the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
-
the registered holder within the meaning of that Act; and
(b)
in relation to an authority or right (however described) under another Australian law
-
the person whose name is shown in the register (however described) kept under the relevant Australian law concerned.
Definition of
"
registered holder
"
substituted by No 18 of 2012, s 3 and Sch 1 item 21, effective 1 July 2012. The definition formerly read:
registered holder
has the same meaning as in the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
Definition of
"
registered holder
"
amended by No 117 of 2008, s 3 and Sch 3 item 46, by substituting
"
Offshore Petroleum and Greenhouse Gas Storage Act 2006
"
for
"
Offshore Petroleum Act 2006
"
, effective 22 November 2008.
Definition of
"
registered holder
"
amended by No 17 of 2006, s 3 and Sch 2 item 85, by substituting
"
Offshore Petroleum Act 2006
"
for
"
Petroleum (Submerged Lands) Act 1967
"
, effective 1 July 2008. For transitional provision, see note under definition of
"
access authority
"
.
re-inject
, in relation to a marketable petroleum commodity produced from petroleum recovered from the eligible exploration or recovery area in relation to a petroleum project, means return the commodity to a natural reservoir in:
(a)
where the return takes place before any production licence in relation to the project comes into force
-
any area from which the recovery of petroleum would, at the time of the return, constitute recovery of petroleum from the eligible exploration or recovery area in relation to the project; and
(b)
in any other case
-
the production licence area or any of the production licence areas in relation to the project.
related charge
means:
(a)
shortfall interest charge, or general interest charge, in relation to tax; or
(b)
instalment transfer interest charge in relation to an instalment of tax.
History
Definition of
"
related charge
"
inserted by No 78 of 2006, s 3 and Sch 4 item 2, applicable only in relation to returns and assessments of tax, and instalments of tax, under the
Petroleum Resource Rent Tax Assessment Act 1987
for financial years that start on or after 1 July 2006.
Resources Department
means the Department that:
(a)
deals with matters arising under section 1 of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
; and
(b)
is administered by the Resources Minister.
History
Definition of
"
Resources Department
"
inserted by No 88 of 2009, s 3 and Sch 5 item 210, effective 18 September 2009.
Resources Minister
means the Minister administering section 1 of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
History
Definition of
"
Resources Minister
"
inserted by No 88 of 2009, s 3 and Sch 5 item 211, effective 18 September 2009.
retention lease
means a petroleum retention lease within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
History
Definition of
"
retention lease
"
substituted by No 43 of 2019, s 3 and Sch 2 item 24, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition will read:
retention lease
means:
(a)
a petroleum retention lease within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
; or
(b)
an authority or right (however described) under another Australian law:
(i)
to explore for petroleum in an area; or
(ii)
to recover petroleum on an appraisal basis in that area; or
(iii)
to carry on such operations, and execute such works, in the area as are necessary for those purposes;
that is not an authority or right to recover petroleum other than on an appraisal basis, and that is granted on the basis that the area contains petroleum and that recovery of that petroleum is likely to become commercially viable in the future.
Note:
An authority or right may not be covered by this paragraph because it is the subject of a determination of the Resources Minister under section 2AA, or because the activities relating to petroleum are only incidental to the activities relating to other resources (see section 2AC).
Definition of
"
retention lease
"
amended by No 96 of 2014, s 3 and Sch 1 item 50, by substituting the note at the end of para (b), effective 30 September 2014. For transitional provisions see note under s
2AB
. The note formerly read:
Note:
The Resources Minister may determine that an authority or right is, or is not, an authority or right of a kind mentioned in this paragraph: see section
2AA
.
Definition of
"
retention lease
"
substituted by No 18 of 2012, s 3 and Sch 1 item 22, effective 1 July 2012. The definition formerly read:
retention lease
means a petroleum retention lease within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
Definition of
"
retention lease
"
amended by No 117 of 2008, s 3 and Sch 3 item 47, by substituting
"
Offshore Petroleum and Greenhouse Gas Storage Act 2006
"
for
"
Offshore Petroleum Act 2006
"
, effective 22 November 2008.
Definition of
"
retention lease
"
amended by No 117 of 2008, s 3 and Sch 2 item 64, by substituting
"
means a petroleum retention lease within the meaning of
"
for
"
has the same meaning as in
"
, effective 22 November 2008.
Definition of
"
retention lease
"
substituted by No 17 of 2006, s 3 and Sch 2 item 86, effective 1 July 2008. For transitional provision, see note under definition of
"
access authority
"
. The definition formerly read:
retention lease
means a retention lease under Part
III
of the
Petroleum (Submerged Lands) Act 1967
.
retention lease area
means a petroleum retention lease area within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
History
Definition of
"
retention lease area
"
substituted by No 43 of 2019, s 3 and Sch 2 item 25, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
retention lease area
means:
(a)
a petroleum retention lease area within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
; or
(b)
the area covered by an authority or right mentioned in paragraph (b) of the definition of
retention lease
.
Definition of
"
retention lease area
"
substituted by No 18 of 2012, s 3 and Sch 1 item 23, effective 1 July 2012. The definition formerly read:
retention lease area
means a petroleum retention lease area within the meaning of the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
Definition of
"
retention lease area
"
amended by No 117 of 2008, s 3 and Sch 3 item 48, by substituting
"
Offshore Petroleum and Greenhouse Gas Storage Act 2006
"
for
"
Offshore Petroleum Act 2006
"
, effective 22 November 2008.
Definition of
"
retention lease area
"
amended by No 117 of 2008, s 3 and Sch 2 item 65, by substituting
"
means a petroleum retention lease area within the meaning of
"
for
"
has the same meaning as in
"
, effective 22 November 2008.
Definition of
"
retention lease area
"
substituted by No 17 of 2006, s 3 and Sch 2 item 87, effective 1 July 2008. For transitional provision, see note under definition of
"
access authority
"
. The definition formerly read:
retention lease area
means a lease area within the meaning of the
Petroleum (Submerged Lands) Act 1967
.
sales gas
means a substance:
(a)
which is in a gaseous state when at the temperature of 15
°
C and a pressure of one atmosphere; and
(b)
which consists of naturally occurring hydrocarbons, or a naturally occurring mixture of hydrocarbons and non-hydrocarbons; and
(c)
the principal constituent of which is methane; and
(d)
which:
(i)
if it is to be used as a feedstock for conversion to another product
-
has been processed so that it is suitable for that use; or
(ii)
in any other case
-
has been processed so that it is suitable for direct consumption as energy.
History
Definition of
"
sales gas
"
substituted by No 169 of 2001. The definition formerly read:
sales gas
means a mixture that includes methane, where the methane comprises more than 50% by weight of the mixture.
Second Commissioner
means a Second Commissioner of Taxation.
services
means water, light, power, access, communications or other services.
shortfall interest charge
means the charge worked out under Division
280
in Schedule
1
to the
Taxation Administration Act 1953
.
History
Definition of
"
shortfall interest charge
"
inserted by No 78 of 2006, s 3 and Sch 4 item 3, applicable only in relation to returns and assessments of tax, and instalments of tax, under the
Petroleum Resource Rent Tax Assessment Act 1987
for financial years that start on or after 1 July 2006.
starting base amount
, in relation to a person
'
s interest in a petroleum project, means the amount (if any) assessed as the starting base amount in relation to the person
'
s interest under clause 23 of Schedule 2 as in force before 1 July 2019.
History
Definition of
"
starting base amount
"
substituted by No 43 of 2019, s 3 and Sch 2 item 26, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
starting base amount
has the meaning given by Division 1 of Part 3 of Schedule 2.
Definition of
"
starting base amount
"
inserted by No 18 of 2012, s 3 and Sch 4 item 3, effective 1 July 2012.
starting base asset
(Repealed by No 43 of 2019)
History
Definition of
"
starting base asset
"
repealed by No 43 of 2019, s 3 and Sch 2 item 27(a), effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
starting base asset
has the meaning given by clause 10 of Schedule 2.
Definition of
"
starting base asset
"
inserted by No 18 of 2012, s 3 and Sch 4 item 4, effective 1 July 2012.
subsidiary
has the meaning given by section
2B
.
History
Definition of
"
subsidiary
"
inserted by
No 47 of 2009
, s 3 and Sch 3 item 10, applicable in relation to instalments and assessments of tax under the
Petroleum Resource Rent Tax Assessment Act 1987
for years of tax that start on or after 1 July 2009.
subsidiary member
(Repealed by No 43 of 2019)
History
Definition of
"
subsidiary member
"
repealed by No 43 of 2019, s 3 and Sch 2 item 27(b), effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
subsidiary member
has the meaning given by subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
Definition of
"
subsidiary member
"
inserted by No 18 of 2012, s 3 and Sch 5 item 12, effective 1 July 2012.
tax
means tax imposed by any of the following:
(a)
the
Petroleum Resource Rent Tax (Imposition
-
General) Act 2012
;
(b)
the
Petroleum Resource Rent Tax (Imposition
-
Customs) Act 2012
;
(c)
the
Petroleum Resource Rent Tax (Imposition
-
Excise) Act 2012
.
History
Definition of
"
tax
"
substituted by No 18 of 2012, s 3 and Sch 6 item 9, effective 1 July 2012. The definition formerly read:
tax
means tax imposed by the
Petroleum Resource Rent Tax Act 1987
.
this Act
includes:
(a)
the regulations; and
(b)
Part
IVC
of the
Taxation Administration Act 1953
, insofar as that Part relates to this Act.
Torres Strait Islander
has the meaning given by subsection 4(1) of the
Aboriginal and Torres Strait Islander Act 2005
.
History
Definition of
"
Torres Strait Islander
"
inserted by No 18 of 2012, s 3 and Sch 3 item 5, effective 1 July 2012.
transferable exploration expenditure
in relation to a person and a financial year, means expenditure that is, according to Schedule
1
, transferable by the person in relation to the financial year.
Note 1:
The following provisions of Schedule
1
provide for expenditure to be transferable:
paragraph
7(b)
paragraph
8(5)(c)
paragraph
11(b)
paragraph
12(4)(c)
subclause
18(1)
subclause
18(2)
paragraph
18(3)(e)
.
Note 2:
Special rules apply in relation to the transfer of Greater Sunrise exploration expenditure: see Part
1A
of Schedule
1
.
History
Definition of
"
transferable exploration expenditure
"
amended by No 18 of 2012, s 3 and Sch 4 items 23 and 24, by substituting
"
Schedule 1
"
for
"
the Schedule
"
, effective 1 July 2012.
Definition of
"
transferable exploration expenditure
"
amended by No 47 of 2004, s 3 and Sch 2 items 8 and 9, by substituting
"
Note 1
"
for
"
Note
"
in the note and inserting note 2, effective 7 February 2007.
Tribunal
means the Administrative Review Tribunal.
History
Definition of
"
Tribunal
"
amended by No 38 of 2024, s 3 and Sch 1 item 68, by substituting
"
Administrative Review Tribunal
"
for
"
Administrative Appeals Tribunal
"
, effective 14 October 2024.
trustee
includes:
(a)
a person appointed or constituted trustee by act of parties, by order or declaration of a court, or by operation of law; or
(b)
an executor, administrator or other personal representative of a deceased person; or
(c)
a guardian or committee; or
(d)
a receiver or receiver and manager; or
(e)
a liquidator of a company; or
(ea)
an administrator, within the meaning of the
Corporations Act 2001
, of a company; or
(eb)
an administrator of a deed of company arrangement executed by a company under Part
5.3A
of that Act; or
(f)
a person:
(i)
having or taking upon himself or herself the administration or control of any real or personal property affected by any express or implied trust;
(ii)
acting in any fiduciary capacity; or
(iii)
having the possession, control or management of any real or personal property of a person under any legal or other disability.
History
Definition of
"
trustee
"
amended by No 8 of 2007, s 3 and Sch 4 item 22, by substituting
"
a liquidator
"
for
"
an official manager or liquidator
"
in para (e), effective 15 march 2007.
Definition of
"
trustee
"
amended by No 55 of 2001.
unincorporated association
does not include a joint venture.
uplifted frontier expenditure
has the meaning given by section
36C
.
History
Definition of
"
uplifted frontier expenditure
"
inserted by No 41 of 2005, s 3 and Sch 5 item 3, applicable in respect of any exploration expenditure incurred (whether before or after 1 April 2005) where the eligible exploration or recovery area is a designated frontier area.
value
(Repealed by No 43 of 2019)
History
Definition of
"
value
"
repealed by No 43 of 2019, s 3 and Sch 2 item 27(c), effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. The definition formerly read:
value
, of a starting base asset, means:
(a)
if, under Part 2 of Schedule 2, the book value approach is the valuation approach for the interest, in a petroleum project, to which the asset relates
-
the book value of the asset, worked out under Division 3 of Part 3 of that Schedule; or
(b)
if, under Part 2 of Schedule 2, the market value approach is the valuation approach for the interest, in a petroleum project, to which the asset relates
-
the market value of the asset, worked out under Division 3 of Part 3 of that Schedule.
Definition of
"
value
"
inserted by No 18 of 2012, s 3 and Sch 4 item 5, effective 1 July 2012.
Western Greater Sunrise area
has the same meaning as in the
Offshore Petroleum and Greenhouse Gas Storage Act 2006
.
History
Definition of
"
Western Greater Sunrise Area
"
amended by No 117 of 2008, s 3 and Sch 3 item 48A, by substituting
"
Offshore Petroleum and Greenhouse Gas Storage Act 2006
"
for
"
Offshore Petroleum Act 2006
"
, effective 22 November 2008.
Definition of
"
Western Greater Sunrise area
"
amended by No 49 of 2007, s 3 and Sch 1 item 92, by substituting
"
Offshore Petroleum Act 2006
"
for
"
Petroleum (Submerged Lands) Act 2967
"
, effective 1 July 2008.
Definition of
"
Western Greater Sunrise area
"
inserted by No 47 of 2004, s 3 and Sch 2 item 10, effective 7 February 2007.
year of tax
, in relation to a person in relation to a petroleum project, means a financial year commencing on or after the applicable commencement date, being:
(a)
except in a case to which paragraph (b) applies
-
the first financial year in which assessable petroleum receipts are derived by the person in relation to the project or a subsequent financial year; or
(b)
if the project is a combined project and the person has, in a financial year before the financial year in which the project combination certificate in relation to the project comes into force, derived assessable petroleum receipts in relation to any of the pre-combination projects in relation to the combined project
-
the financial year in which the project combination certificate comes into force or a subsequent financial year.
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