Petroleum Resource Rent Tax Assessment Act 1987

S 31AA substituted by No 43 of 2019, s 3 and Sch 2 item 40, effective 1 July 2019. No 43 of 2019, s 3 and Sch 2 items 85 - 92 contain the following application, transitional and savings provisions:

Part 3 - Application, transitional and savings provisions

Division 1 - Application of amendments to deductible expenditure and assessable receipts

85 Application - deductible expenditure and assessable receipts  
(1)
The object of this item is:

(a) to provide for petroleum resource rent tax to cease to apply to onshore petroleum projects as of 1 July 2019; and

(b) to prevent expenditure incurred in relation to onshore petroleum projects reducing taxable profit in relation to other kinds of projects and financial years starting on or after 1 July 2019.

(2)
The amendments made by this Schedule apply to the following:

(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;

(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.

(3)
The amendments made by this Schedule also apply to the following:

(a) a transfer of expenditure under Division 3A of Part V of the Petroleum Resource Rent Tax Assessment Act 1987 in relation to the financial year starting on 1 July 2019 or any later financial year, regardless of the financial year in which the expenditure was incurred or taken to be incurred;

(b) a transaction of a kind described in section 48 or 48A of the Petroleum Resource Rent Tax Assessment Act 1987 that is entered into on or after 1 July 2019, regardless of the financial year in which any expenditure referred to in those sections was incurred or taken to be incurred.

Division 2 - General application of amendments

86 Object  
86
The object of this Division is to ensure that, despite the repeals and amendments made by this Schedule, the full legal and administrative consequences of:

(a) any act done or omitted to be done; or

(b) any state of affairs existing; or

(c) any period ending;

before 1 July 2019 can continue to arise and be carried out, directly or indirectly through an indefinite number of steps, even if some or all of those steps are taken on or after that day.

87 Making and amending assessments, and doing other things, in relation to past matters  
87
Even though an Act is amended by this Schedule, the amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument:

(a) making or amending an assessment (including under a provision that is itself repealed or amended);

(b) exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended);

in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before 1 July 2019.

88 Saving of provisions about effect of assessments  
88
If a provision or part of a provision that is repealed or amended by this Schedule deals with the effect of an assessment, the repeal or amendment is disregarded in relation to assessments made on, before or after 1 July 2019 in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before 1 July 2019. 89 Repeals disregarded for the purposes of dependent provisions  
89
If the operation of a provision (the subject provision ) of any Act or legislative instrument depends to any extent on a provision of an Act that is repealed by this Schedule, the repeal is disregarded so far as it affects the operation of the subject provision. 90 Division does not limit operation of section 7 of the Acts Interpretation Act 1901  
90
This Division does not limit the operation of section 7 of the Acts Interpretation Act 1901 . 91 Annual returns for the financial year starting 1 July 2018  
91
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.

92 Tax-related liabilities incurred in relation to periods ending before 1 July 2019  
92
The repeal of Division 8 of Part V of the Petroleum Resource Rent Tax Assessment Act 1987 and the amendments of Division 721 of the Income Tax Assessment Act 1997 made by this Schedule do not apply in relation to the following liabilities that become due and payable on or after 1 July 2019:

(a) general interest charge mentioned in item 40 of the table in subsection 721-10(2) of the Income Tax Assessment Act 1997 ;

(b) an administrative penalty mentioned in item 65 of that table;

(c) shortfall interest charge mentioned in item 100 of that table;

to the extent that the period to which the liability relates, as mentioned in the table, ends before 1 July 2019.

S 31AA formerly read:

SECTION 31AA ELIGIBLE REAL EXPENDITURE - ONSHORE PETROLEUM PROJECTS AND THE NORTH WEST SHELF PROJECT  
31AA
Despite section 45 , this Division applies in relation to:

(a) an onshore petroleum project; or

(b) the North West Shelf project; or

(c) a project in relation to which an onshore petroleum project is a pre-combination project;

as if eligible real expenditure could be incurred in relation to such a project at any time, including a time before 1 July 2012.

S 31AA inserted by No 18 of 2012, s 3 and Sch 2 item 11, effective 1 July 2012.