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

Schedule 3   Deductible expenditure

Petroleum Resource Rent Tax Assessment Act 1987

18   At the end of section 44

Add:

(2) For the purposes of paragraph (1)(e), a private override royalty payment does not include a payment to the extent:

(a) it is by way of compensation for carrying on or providing, in an area the operations, facilities or other things comprising a petroleum project; and

(b) it is paid:

(i) to a native title holder (within the meaning of the Native Title Act 1993) whose approved determination of native title (within the meaning of that Act) relates to that area; or

(ii) to a registered native title claimant (within the meaning of the Native Title Act 1993) whose claimant application (within the meaning of that Act) relates to that area; or

(iii) to a person who holds a right that relates to that area and arises under another Australian law dealing with the rights of Aboriginal persons or Torres Strait Islanders in relation to land or waters.