Treasury Laws Amendment (Tax Accountability and Fairness) Act 2024 (37 of 2024)

Schedule 5   Petroleum resource rent tax deductions cap

Petroleum Resource Rent Tax Assessment Act 1987

18   Application of amendments

(1) The amendments to the Petroleum Resource Rent Tax Assessment Act 1987 made by this Schedule, other than the amendments made by items 7 to 9, apply in relation to assessable receipts derived by a person in relation to a petroleum project in a year of tax beginning on or after 1 July 2023 (whether or not assessable receipts were also derived by a person in relation to the project in an earlier year of tax).

(2) In determining, under subsection 22(5) of the Petroleum Resource Rent Tax Assessment Act 1987 as inserted by this Schedule, whether a project is excluded for a year of tax beginning on or after 1 July 2023, apply paragraph (a) and subparagraph (c)(ii) of that subsection with regard to financial years including financial years before that year of tax.

(3) The amendments to the Petroleum Resource Rent Tax Assessment Act 1987 made by items 7 to 9 of this Schedule apply in relation to a petroleum project and a year of tax beginning on or after 1 July 2024.