Petroleum Resource Rent Tax Assessment Amendment Act 2012 (18 of 2012)

Schedule 1 Extension to onshore projects etc.

Repeal the definition, substitute:

petroleum means:

(a) petroleum within the meaning of the Offshore Petroleum and Greenhouse Gas Storage Act 2006; or

(b) oil shale.

However, petroleum does not include a taxable resource within the meaning of the Minerals Resource Rent Tax Act 2012.