Petroleum Resource Rent Tax Assessment Act 1987

S 41(1) substituted by No 124 of 2013, s 3 and Sch 6 item 9, effective 29 June 2013. No 124 of 2013, s 3 and Sch 6 item 11 contains the following application provision:

11 Application of amendments  
(1)
The amendments made by this Schedule apply, in relation to a petroleum project, to any payment made by a person on or after:

(a) the applicable commencement date in relation to the project, unless paragraph (b) or (c) applies; or

(b) the starting base day for the person ' s interest in the project under subsection 45(5) of the Petroleum Resource Rent Tax Assessment Act 1987 , if:

(i) the project is an onshore petroleum project or the North West Shelf project, or an onshore petroleum project is a pre-combination project in relation to the project; and

(ii) item 2 or 3 of the table in that subsection sets out that starting base day; or

(c) the day provided under subclause 15(3) or (4) of Schedule 2 to that Act, in relation to the asset to which the payment relates, if:

(i) the project is an onshore petroleum project or the North West Shelf project, or an onshore petroleum project is a pre-combination project in relation to the project; and

(ii) the person chose, under Part 2 of that Schedule, the book value approach or the market value approach for the person ' s interest in the project; and

(iii) the payment is interim expenditure, within the meaning of clause 15 of that Schedule, in relation to that asset.

(2)
Despite subitem (1), the amendments made by items 9 and 10 do not apply in relation to a payment by a person that was made:

(a) before 1 July 2012; and

(b) in relation to a petroleum project for which the person has been required under section 59 of the Petroleum Resource Rent Tax Assessment Act 1987 to furnish a return before 14 December 2012.

(3)
Despite subitem (1), the amendments made by items 9 and 10 apply in relation to a payment by a person that was made:

(a) before 1 July 2013; and

(b) in relation to a petroleum project for which the person has not been required under section 59 of the Petroleum Resource Rent Tax Assessment Act 1987 to furnish a return before 14 December 2012;

as if subsection 41(1A) of that Act as amended by this Schedule did not apply, in relation to the payment, to the other person referred to in subsection 41(1) of that Act as so amended.

(4)
For the purposes of this item, a person is taken to make a payment when the person becomes liable to make the payment.

S 41(1) formerly read:

41(1)
Where a person (in this section referred to as the eligible person ) incurs or incurred a liability to make a payment to procure the carrying on or providing of operations, facilities or other things of a kind referred to in section 37 , 38 or 39 by another person, then, for the purposes of this Act:

(a) the operations, facilities or other things shall be taken to have been carried on or provided by the eligible person and not by the other person; and

(b) the liability shall be taken to have been incurred by the eligible person in carrying on or providing the operations, facilities or other things.

S 41(1A) inserted by No 124 of 2013, s 3 and Sch 6 item 9, effective 29 June 2013. For application provisions see note under s 41(1) .

S 41(1B) inserted by No 124 of 2013, s 3 and Sch 6 item 9, effective 29 June 2013. For application provisions see note under s 41(1) .

S 41(1C) inserted by No 124 of 2013, s 3 and Sch 6 item 9, effective 29 June 2013. For application provisions see note under s 41(1) .

S 41(1D) inserted by No 124 of 2013, s 3 and Sch 6 item 9, effective 29 June 2013. For application provisions see note under s 41(1) .

S 41(2) substituted by No 88 of 2013, s 3 and Sch 7 item 91, effective 1 July 2012. S 41(2) formerly read:

41(2)
This section does not apply if the other person carries on or provides the operations, facilities or other things as part of the processing of external petroleum, or internal petroleum, in relation to a petroleum project other than the project to which the operations, facilities or other things referred to in subsection (1) relate.

S 41(2) amended by No 47 of 2009 , s 3 and Sch 3 item 35, by inserting " , or internal petroleum, " after " external petroleum " , 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.

S 41(2) inserted by No 101 of 2003, s 3 and Sch 5 item 21, effective 14 October 2003.

S 41(3) inserted by No 124 of 2013, s 3 and Sch 6 item 10, effective 29 June 2013. For application provisions see note under s 41(1) .