Petroleum Resource Rent Tax Assessment Act 1987

Sch 1 heading substituted by No 18 of 2012, s 3 and Sch 4 item 46, effective 1 July 2012. The heading formerly read:

SCHEDULE - PROVISIONS RELATING TO INCURRING AND TRANSFER OF EXPLORATION EXPENDITURE ON OR AFTER 1 JULY 1990

Definition of " ABR expenditure year " repealed by No 43 of 2019, s 3 and Sch 1 item 34(a), effective 1 July 2019. The definition formerly read:

ABR expenditure year
, in relation to a petroleum project, means the financial year in which the relevant pre-commencement day occurred or a later financial year.

Definition of " augmented bond rate " repealed by No 43 of 2019, s 3 and Sch 1 item 34(b), effective 1 July 2019. The definition formerly read:

augmented bond rate
, in relation to a financial year, means the long-term bond rate in relation to the financial year plus 1.15.

Definition of " GDP expenditure year " amended by No 43 of 2019, s 3 and Sch 1 item 35, by substituting " standard uplift expenditure " for " ABR expenditure " , effective 1 July 2019.

Definition of " incurred exploration expenditure amount " substituted by No 41 of 2005, s 3 and Sch 5 item 7, applicable in respect of any exploration expenditure incurred (whether before or after 1 April 2005) where the eligible exploration or recovery area is a designated frontier area. The definition formerly read:

incurred exploration expenditure amount
, in relation to a petroleum project and a financial year, means:

(a) if the petroleum project is not a combined project - the sum of:

(i) the amounts of exploration expenditure actually incurred by the person in the financial year in relation to the project; and

(ii) any amount of expenditure that the person is taken by subparagraph 48(1)(a)(ia) or paragraph 48A(5)(c) to have incurred in the financial year in relation to the project; or

(b) if the petroleum project is a combined project - the sum of:

(i) the amounts of exploration expenditure actually incurred by the person in relation to the project in the financial year (not being amounts incurred before the project combination certificate in relation to the project came into force); and

(ii) any amount of expenditure that the person is taken by subparagraph 48(1)(a)(ia) or paragraph 48A(5)(c) to have incurred in the financial year in relation to the project; and

(iii) if the project combination certificate came into force during the financial year - the amounts of exploration expenditure actually incurred by the person in the financial year in relation to the pre-combination projects and the amounts (if any) of exploration expenditure that the person is taken by section 48 or 48A to have incurred in the financial year in relation to the pre-combination projects.

Note:

the effect of subsections 35A(2) , 35B(2) and 45D(3) must be taken into account when working out an incurred exploration expenditure amount.

Definition of " incurred exploration expenditure amount " (second occurring) inserted by No 41 of 2005, s 3 and Sch 5 item 8, applicable in respect of any exploration expenditure incurred (whether before or after 1 April 2005) where the eligible exploration or recovery area is a designated frontier area.

Definition of " pre-licence area " repealed by No 18 of 2012, s 3 and Sch 4 item 47, effective 1 July 2012. The definition formerly read:

pre-licence area
, in relation to a production licence, means:

(a) if the production licence was derived from an exploration permit - the exploration permit area of the exploration permit; or

(b) if the production licence was derived from a retention lease - either:

(i) the retention lease area of the retention lease; or

(ii) the exploration permit area of the exploration permit to which the retention lease is related.

Definition of " relevant pre-commencement day " amended by No 88 of 2013, s 3 and Sch 7 items 140 - 141, by omitting " , the Bass Strait project or the North West Shelf project " after " combined project " in para (a) and inserting para (c), effective 1 July 2012.

Definition of " relevant pre-commencement day " substituted by No 18 of 2012, s 3 and Sch 3 item 20, effective 1 July 2012. The definition formerly read:

relevant pre-commencement day
, in relation to a petroleum project, means:

(a) if the petroleum project is not a combined project or the Bass Strait project - the day occurring 5 years before the date specified in the notice issued under subsection 225(7) of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 in relation to the project; or

(b) if the petroleum project is a combined project or the Bass Strait project - the day occurring 5 years the earliest date specified in a notice issued under subsection 225(7) of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 in relation to a production licence to which the project relates;

Definition of " relevant pre-commencement day " amended by No 117 of 2008, s 3 and Sch 3 item 54, by substituting " Offshore Petroleum and Greenhouse Gas Storage Act 2006 " for " Offshore Petroleum Act 2006 " in paras (a) and (b), effective 22 November 2008.

Definition of " relevant pre-commencement day " amended by No 17 of 2006, s 3 and Sch 2 item 94, by substituting " subsection 222(7) of the Offshore Petroleum Act 2006 " for " subsection 41(3) of the Petroleum (Submerged Lands) Act 1967 " in paras (a) and (b), effective 1 July 2008. No 17 of 2006, s 3 and Sch 2 items 95 and 96 contains the following transitional provisions:

95 Transitional - pre-commencement events and circumstances  
95
For the purposes of the application of:

(a) the Petroleum Resource Rent Tax Assessment Act 1987 (the PRRTA Act ); or

(b) an Act with which the PRRTA Act is incorporated;

to events that occurred, and circumstances that arose, before 1 July 2008:

…

(h) the definition of relevant pre-commencement day in clause 1 of the Schedule to the PRRTA Act has effect as if a reference in that definition to subsection 222(7) of the Offshore Petroleum Act 2006 included a reference to subsection 41(3) of the repealed Petroleum (Submerged Lands) Act 1967 .
…

Definition of " relevant pre-commencement day " amended by No 169 of 2001, s 3 and Sch 1 items 11 and 12, by substituting " the date specified in the notice issued under subsection 41(3) of the Petroleum (Submerged Lands) Act 1967 in relation to the project " for " the issue of the production licence in relation to the project " in para (a) and " the earliest date specified in a notice issued under subsection 41(3) of the Petroleum (Submerged Lands) Act 1967 in relation to a production licence to which the project relates " for " before the issue of the oldest production licence to which the project relates " in para (b), applicable to projects in respect of which an application was made under section 39A, 40 or 40A of the Petroleum (Submerged Lands) Act 1967 after 23 December 1998.

Definition of " standard uplift expenditure year " inserted by No 43 of 2019, s 3 and Sch 1 item 36, effective 1 July 2019.

Definition of " starting day " amended by No 18 of 2012, s 3 and Sch 1 items 42 and 43, by substituting " , the Bass Strait project or the North West Shelf project " for " or the Bass Strait project " in para (a) and inserting para (ca), effective 1 July 2012.