Petroleum Resource Rent Tax Assessment Amendment Act 2006 (78 of 2006)

Schedule 5   Other amendments

Part 1   Amendments

Petroleum Resource Rent Tax Assessment Act 1987

14   At the end of section 48A

Add:

Transfer notice to be given to purchasers

(11) The vendor must give written notice of the transaction, in the approved form, to each purchaser before the end of the later of the following days:

(a) the 60th day after the transfer time;

(b) the 60th day after the purchaser gives consideration for the transfer of the part of the entitlement.

Note: Subdivision 388-B in Schedule 1 to the Taxation Administration Act 1953 applies to approved forms under this subsection.