Petroleum Resource Rent Tax Assessment Act 1987

S 45(1) amended by No 43 of 2019, s 3 and Sch 2 item 51, by omitting " an onshore petroleum project, " after " (other than " , effective 1 July 2019. For application, transitional and savings provisions, see note under s 31AA .

S 45(2) repealed by No 43 of 2019, s 3 and Sch 2 item 52, effective 1 July 2019. For application, transitional and savings provisions, see note under s 31AA . S 45(2) formerly read:

Onshore petroleum projects

45(2)
For the purposes of this Act, eligible real expenditure may be incurred by a person in relation to an onshore petroleum project:

(a) if the project, or the exploration permit or retention lease from which the production licence to which the project relates is derived, came into existence before 2 May 2010 - at any time on or after the starting base day under subsection (5) for the person ' s interest in the project, including a time before the project commences or after the project ceases; or

(b) if paragraph (a) does not apply - at any time on or after 2 May 2010, including a time before the project commences or after the project ceases.

S 45(3) amended by No 88 of 2013, s 3 and Sch 7 item 92, by substituting para (b), effective 1 July 2012. Para (b) formerly read:

(b) if the project, or the exploration permit or retention lease from which the production licence to which the project relates is derived, came into existence on or after 2 May 2010 - at any time on or after 2 May 2010, including a time before the project commences or after the project ceases.

S 45(4) amended by No 43 of 2019, s 3 and Sch 2 item 53, by substituting " 1 July 2012 " for " the starting base day under subsection (5) for the person ' s interest in the project " , effective 1 July 2019. For application, transitional and savings provisions, see note under s 31AA .

S 45(5) repealed by No 43 of 2019, s 3 and Sch 2 item 54, effective 1 July 2019. For application, transitional and savings provisions, see note under s 31AA . S 45(5) formerly read:

45(5)
For the purposes of paragraph (2)(a) or subsection (4), the starting base day for a person ' s interest in an onshore petroleum project, or in the North West Shelf project, is:

Starting base days
Item	If …	The starting base day is …
1	the look-back approach is not the valuation approach for the interest that the person holds in the project	1 July 2012
2	(a)	the look-back approach is the valuation approach for the interest; and	the day, on or after 1 July 2007, on which the person first commenced to hold the interest, or was acquired, as the case requires
	(b)	the person who held the interest at the start of 2 May 2010 had first acquired the interest, or (being a company) had been acquired, on or after 1 July 2007
3	(a)	the look-back approach is the valuation approach for the interest; and	1 July 2002
	(b)	item 2 does not apply

Note:

Eligible real expenditure incurred before 1 July 2012 in relation to an onshore petroleum project that came into existence before 2 May 2010, or in relation to the North West Shelf project, is taken into account in a person ' s starting base amount under Schedule 2 , if the look-back approach does not apply to the person ' s interest in the project.

S 45(6) repealed by No 43 of 2019, s 3 and Sch 2 item 54, effective 1 July 2019. For application, transitional and savings provisions, see note under s 31AA . S 45(6) formerly read:

45(6)
For the purposes of subsection (5), a person holding an interest in an onshore petroleum project or the North West Shelf project is taken:

(a) to have acquired the interest if, and when, the person is taken to have acquired that interest for the purposes of clause 18 of Schedule 2 ; and

(b) (not being an individual) to have been acquired if, and when, the person is taken to have been acquired for the purposes of that clause.

S 45(6) amended by No 88 of 2013, s 3 and Sch 7 item 93, by substituting " the day, on or after 1 July 2007, on which the person first commenced to hold the interest, or was acquired, as the case requires " for " the day on which that acquisition occurred " in table item 2, effective 1 July 2012.

S 45(7) amended by No 43 of 2019, s 3 and Sch 2 item 55, by omitting " (2), " after " subsections (1), " , effective 1 July 2019. For application, transitional and savings provisions, see note under s 31AA .

45(8) amended by No 43 of 2019, s 3 and Sch 2 item 57, by substituting " the North West Shelf project " for " an onshore petroleum project, or the North West Shelf project, " , effective 1 July 2019. For application, transitional and savings provisions, see note under s 31AA .

S 45(8) inserted by No 88 of 2013, s 3 and Sch 7 item 94, effective 1 July 2012.

S 45(9) inserted by No 88 of 2013, s 3 and Sch 7 item 94, effective 1 July 2012.

S 45 substituted by No 18 of 2012, s 3 and Sch 4 item 11, effective 1 July 2012. S 45 formerly read:

SECTION 45 TIME OF INCURRING OF EXPENDITURE  
45
For the purposes of this Act, eligible real expenditure may be incurred by a person in relation to a petroleum project:

(a) except in the case of the Bass Strait project - at any time, including a time:

(i) before the project commenced or after the project has ceased; or

(ii) before the commencement of this Act; or

(b) in the case of the Bass Strait project - at any time on or after 1 July 1990, including a time after the project has ceased.