Greater Sunrise Unitisation Agreement Implementation Act 2004 (47 of 2004)

Schedule 2   Amendment of other Acts

Petroleum Resource Rent Tax Assessment Act 1987

14   At the end of section 23

Add:

(3) For the purposes of this Act, assessable receipts, in relation to a Greater Sunrise project, are to be calculated as if each amount of the petroleum recovered from a Greater Sunrise unit reservoir became the property of the person who recovered that amount as soon as it was recovered.

(4) Subsection (3) has effect despite subsection 127(2) of the Petroleum (Submerged Lands) Act 1967.