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

Schedule 2   Assessable receipts

Part 1   Amendments commencing on 1 July 2012

Petroleum Resource Rent Tax Assessment Act 1987

11   At the end of Division 2 of Part V

Add:

31AA Eligible real expenditure—onshore petroleum projects and the North West Shelf project

Despite section 45, this Division applies in relation to:

(a) an onshore petroleum project; or

(b) the North West Shelf project; or

(c) a project in relation to which an onshore petroleum project is a pre-combination project;

as if eligible real expenditure could be incurred in relation to such a project at any time, including a time before 1 July 2012.