Petroleum Resource Rent Tax Assessment Act 1987

PART V - LIABILITY TO TAXATION  

Division 6 - Anti-avoidance  

Subdivision A - Arrangements to obtain tax benefits  

SECTION 53   CANCELLATION OF TAX BENEFITS ETC.  

53(1)    

Where a tax benefit has been obtained, or would but for this section be obtained, by a person in connection with an arrangement to which this Subdivision applies, the Commissioner may:

(a)    in the case of a tax benefit that is referable to an amount of assessable receipts not being derived by the person in a financial year in relation to a petroleum project - determine that the whole or a part of the amount shall be assessable receipts derived by the person in the financial year in relation to the project;

(b)    in the case of a tax benefit that is referable to an amount of deductible expenditure being incurred by the person in a financial year in relation to a petroleum project - determine that the whole or a part of the amount shall not be deductible expenditure incurred by the person in the financial year in relation to the project; and

(c)    in any case - determine that appropriate adjustments (if any) be made to the assessable receipts derived, or deductible expenditure incurred, by:

(i) the person in respect of the project in relation to any other financial year or in respect of any other project in relation to any financial year; or

(ii) any other person in respect of the project or any other project in relation to any financial year;

and any such determination has effect accordingly.

53(2)    
Where, at any time, a person considers that the Commissioner should make a determination under paragraph (1)(c) in relation to the person in relation to a petroleum project or projects in relation to a financial year or financial years, the person may post to or lodge with the Commissioner a request in writing for the making by the Commissioner of a determination under that paragraph.

53(3)    
The Commissioner shall consider the request and serve on the person a written notice of the Commissioner ' s decision on the request.

53(4)    
If the person is dissatisfied with the Commissioner ' s decision on the request, the person may object against the decision in the manner set out in Part IVC of the Taxation Administration Act 1953 .