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Petroleum Resource Rent Tax Assessment Act 1987
SECTION 1 SHORT TITLE
SECTION 1A APPLICATION OF THE CRIMINAL CODE
SECTION 2 DEFINED TERMS
### (Repealed) SECTION 2AA DETERMINATIONS RELATING TO CERTAIN DEFINED TERMS
### (Repealed) SECTION 2AB EXCLUSION OF INCIDENTAL RECOVERY OF COAL SEAM GAS
### (Repealed) SECTION 2AC EXCLUSION OF INCIDENTAL EXPLORATION ETC. FOR PETROLEUM
SECTION 2A GDP FACTOR
SECTION 2B GROUP COMPANIES, SUBSIDIARIES, BASIC COMPANY GROUPS AND OVERALL COMPANY GROUPS
SECTION 2BA DESIGNATED COMPANY GROUPS
SECTION 2C GREATER SUNRISE APPORTIONMENTS
SECTION 2D FUTURE CLOSING-DOWN EXPENDITURE
SECTION 2E MARKETABLE PETROLEUM COMMODITY
SECTION 3 PETROLEUM POOLS
SECTION 4 RELATIONSHIP BETWEEN LICENCES, PERMITS AND LEASES ETC.
SECTION 4A HOLDING AN INTEREST - PETROLEUM PROJECT
SECTION 4B HOLDING AN INTEREST - EXPLORATION PERMIT
SECTION 4C HOLDING AN INTEREST - RETENTION LEASE
SECTION 5 PETROLEUM EXPLORATION AND RECOVERY IN RELATION TO CERTAIN AREAS
SECTION 6 TERMINATION OF USE OF PROPERTY IN RELATION TO A PETROLEUM PROJECT
SECTION 7 PROPERTY INSTALLED READY FOR USE
SECTION 8 CONSIDERATION NOT IN CASH
SECTION 9 AMOUNTS CREDITED, REINVESTED ETC TO BE TAKEN TO BE RECEIVABLE
SECTION 10 TRANSLATION OF AMOUNTS INTO AUSTRALIAN CURRENCY
SECTION 11 RESIDENCE
SECTION 12 PARTNERSHIPS
SECTION 13 UNINCORPORATED ASSOCIATIONS
SECTION 14 APPLICATION OF ACT
SECTION 15 GENERAL ADMINISTRATION OF ACT
SECTION 16 ANNUAL REPORT
### (Repealed) SECTION 17 SECRECY
### (Repealed) SECTION 18 APPLICATION OF PART IN RELATION TO SECTION 20
SECTION 19 PETROLEUM PROJECT
SECTION 20 COMBINING OF PETROLEUM PROJECTS
SECTION 21 LIABILITY TO PAY TAX
SECTION 22 TAXABLE PROFIT
SECTION 22B EFFECT OF GST ETC. ON ASSESSABLE RECEIPTS
SECTION 23 ASSESSABLE RECEIPTS
SECTION 24 ASSESSABLE PETROLEUM RECEIPTS
SECTION 24A ASSESSABLE TOLLING RECEIPTS
SECTION 25 ASSESSABLE EXPLORATION RECOVERY RECEIPTS
SECTION 26 AMOUNTS NOTIONALLY DERIVED WHERE NO SALE OF PETROLEUM ETC.
SECTION 27 ASSESSABLE PROPERTY RECEIPTS
SECTION 28 ASSESSABLE MISCELLANEOUS COMPENSATION RECEIPTS
SECTION 29 ASSESSABLE EMPLOYEE AMENITIES RECEIPTS
SECTION 29A ASSESSABLE INCIDENTAL PRODUCTION RECEIPTS
SECTION 30 REDUCTION OF AMOUNT OF ASSESSABLE PROPERTY ETC. RECEIPTS
SECTION 31 TIME OF DERIVATION OF RECEIPTS
SECTION 31A ELIGIBLE REAL EXPENDITURE AND THE BASS STRAIT PROJECT
SECTION 31AA ELIGIBLE REAL EXPENDITURE - NORTH WEST SHELF PROJECT
SECTION 31B EFFECT OF INPUT TAX CREDITS ETC. ON DEDUCTIBLE EXPENDITURE
SECTION 32 DEDUCTIBLE EXPENDITURE
SECTION 33 CLASS 1 AUGMENTED BOND RATE GENERAL EXPENDITURE
SECTION 34 CLASS 1 AUGMENTED BOND RATE EXPLORATION EXPENDITURE
SECTION 34A CLASS 2 UPLIFTED GENERAL EXPENDITURE
SECTION 35 CLASS 1 GDP FACTOR EXPENDITURE
SECTION 35A CLASS 2 UPLIFTED EXPLORATION EXPENDITURE
SECTION 35B CLASS 2 GDP FACTOR EXPENDITURE
SECTION 35C RESOURCE TAX EXPENDITURE
### (Repealed) SECTION 35D ACQUIRED EXPLORATION EXPENDITURE
SECTION 35E STARTING BASE EXPENDITURE
SECTION 35F AUGMENTED DENIED DEDUCTIBLE EXPENDITURE
SECTION 36 CLASS 1 AUGMENTED BOND RATE EXPLORATION AND CLASS 1 GDP FACTOR EXPENDITURES IN RELATION TO PROJECT GROUPS
SECTION 36A DESIGNATED FRONTIER AREAS FOR 2004
SECTION 36B DESIGNATED FRONTIER AREAS FOR 2005 TO 2009
SECTION 36C UPLIFTED FRONTIER EXPENDITURE
SECTION 37 EXPLORATION EXPENDITURE
SECTION 38 GENERAL PROJECT EXPENDITURE
SECTION 39 CLOSING-DOWN EXPENDITURE
SECTION 40 BAD DEBTS
SECTION 41 EFFECT OF PROCURING THE CARRYING ON OF OPERATIONS ETC. BY OTHERS
SECTION 42 EXPENDITURE ON PROPERTY FOR PARTIAL PROJECT USE
SECTION 43 DEFERRED USE OF PROPERTY ON PROJECT ETC.
SECTION 44 EXCLUDED EXPENDITURE
SECTION 45 TIME OF INCURRING OF EXPENDITURE
SECTION 45A TRANSFER OF EXPENDITURE - GENERAL
SECTION 45B TRANSFER OF EXPENDITURE - GROUP COMPANIES
SECTION 45C COMMISSIONER'S POWER TO MAKE TRANSFERS OF EXPENDITURE
SECTION 45D EFFECT OF TRANSFER OF EXPENDITURE
SECTION 45E INSTALMENT TRANSFERS AND ANNUAL TRANSFERS
SECTION 46 CREDITS IN RESPECT OF CLOSING-DOWN EXPENDITURE
SECTION 47 APPLICATION OF CREDITS
SECTION 48 TRANSFER OF ENTIRE ENTITLEMENT TO ASSESSABLE RECEIPTS
SECTION 48A TRANSFER ON OR AFTER 1 JULY 1993 OF PART OF ENTITLEMENT TO ASSESSABLE RECEIPTS
SECTION 49 TRANSFER BEFORE 1 JULY 1984 OF PARTIAL ENTITLEMENT TO ASSESSABLE RECEIPTS
SECTION 50 ARRANGEMENTS
SECTION 51 TAX BENEFITS
SECTION 51A THE BASES FOR IDENTIFYING TAX BENEFITS
SECTION 52 ARRANGEMENTS TO WHICH THIS SUBDIVISION APPLIES
SECTION 53 CANCELLATION OF TAX BENEFITS ETC.
### (Repealed) SECTION 54 AMENDMENT OF ASSESSMENTS
SECTION 55 OPERATION OF SUBDIVISION
SECTION 56 ARM'S LENGTH TRANSACTION
SECTION 57 NON-ARM ' S LENGTH RECEIPTS
SECTION 58 NON-ARM'S LENGTH EXPENDITURE
SECTION 58A OBJECTS OF THIS DIVISION
SECTION 58B PERSON MAY ELECT TO BE BOUND BY THE FUNCTIONAL CURRENCY RULES
SECTION 58C APPLICABLE FOREIGN CURRENCY
SECTION 58D BASIC TRANSLATION RULES
SECTION 58E TRANSLATION RULE - ASSESSABLE RECEIPT
SECTION 58F TRANSLATION RULE - ELIGIBLE REAL EXPENDITURE
SECTION 58G TRANSLATION RULE - TRANSFER OF ENTIRE ENTITLEMENT TO ASSESSABLE RECEIPTS
SECTION 58H TRANSLATION RULE - TRANSFER OF PART OF ENTITLEMENT TO ASSESSABLE RECEIPTS
SECTION 58J TRANSLATION OF TAXABLE PROFIT, OR EXCESS CLOSING-DOWN EXPENDITURE, INTO AUSTRALIAN CURRENCY
SECTION 58K SPECIAL TRANSLATION RULES - EVENTS THAT HAPPENED BEFORE THE CURRENT ELECTION TOOK EFFECT
SECTION 58L WITHDRAWAL OF ELECTION
SECTION 58M SPECIAL TRANSLATION RULES - EVENTS THAT HAPPENED BEFORE THE WITHDRAWAL OF AN ELECTION TOOK EFFECT
### (Repealed) SECTION 58N CHOICE TO CONSOLIDATE
### (Repealed) SECTION 58P SINGLE ENTITY RULE
### (Repealed) SECTION 58Q INTERESTS TAKEN TO BE TRANSFERRED TO HEAD COMPANY ETC. ON JOINING
### (Repealed) SECTION 58R INTERESTS TAKEN TO BE TRANSFERRED TO LEAVING ENTITY ON LEAVING
### (Repealed) SECTION 58RA INTERESTS TAKEN TO BE TRANSFERRED WHEN COMBINED WITH OFFSHORE INTERESTS
### (Repealed) SECTION 58S ACQUISITION OF CONSOLIDATED GROUP BY ANOTHER CONSOLIDATED GROUP ETC.
### (Repealed) SECTION 58T EFFECT OF CHOICE TO CONTINUE GROUP AFTER SHELF COMPANY BECOMES NEW HEAD COMPANY
### (Repealed) SECTION 58U EFFECT OF CHANGE OF HEAD COMPANY OR PROVISIONAL HEAD COMPANY OF A MEC GROUP
### (Repealed) SECTION 58V EFFECT OF GROUP CONVERSIONS INVOLVING MEC GROUPS
### (Repealed) SECTION 58W SUBSIDIARY MEMBERS THAT ARE TRUSTS
SECTION 59 ANNUAL RETURNS
SECTION 60 OTHER RETURNS
SECTION 61 MAKING ASSESSMENTS
SECTION 62 SELF-ASSESSMENT
SECTION 63 DEFAULT ASSESSMENTS
SECTION 64 RELIANCE ON INFORMATION IN RETURNS AND STATEMENTS
SECTION 65 VALIDITY OF ASSESSMENTS
SECTION 66 OBJECTIONS TO ASSESSMENTS
SECTION 67 AMENDMENT OF ASSESSMENTS
SECTION 68 AMENDED ASSESSMENTS TAKEN TO BE ASSESSMENTS
SECTION 69 AMENDING AMENDED ASSESSMENTS
### (Repealed) SECTION 69A OBJECTIONS
SECTION 70 EXTENDED PERIODS FOR AMENDMENT - TAXPAYER APPLICATIONS AND PRIVATE RULINGS
SECTION 71 EXTENDED PERIODS FOR AMENDMENT - FEDERAL COURT ORDERS AND TAXPAYER CONSENT
SECTION 72 REFUND OF OVERPAID AMOUNTS
SECTION 82 WHEN TAX AND SHORTFALL INTEREST CHARGE PAYABLE
### (Repealed) SECTION 83 PERSONS LEAVING AUSTRALIA
### (Repealed) SECTION 84 EXTENSION OF TIME AND PAYMENT BY INSTALMENTS
SECTION 85 UNPAID TAX AND CHARGES
### (Repealed) SECTION 86 RECOVERY OF TAX
### (Repealed) SECTION 87 SUBSTITUTED SERVICE
### (Repealed) SECTION 88 LIQUIDATORS ETC.
### (Repealed) SECTION 89 RECOVERY OF TAX FROM TRUSTEE OF DECEASED PERSON
### (Repealed) SECTION 90 WHERE NO ADMINISTRATION OF DECEASED PERSON'S ESTATE
### (Repealed) SECTION 91 COMMISSIONER MAY COLLECT TAX FROM PERSON OWING MONEY TO PERSON LIABLE TO TAX
SECTION 92 PERSON IN RECEIPT OR CONTROL OF MONEY OF NON-RESIDENT
SECTION 93 INTERPRETATION
SECTION 94 LIABILITY TO PAY INSTALMENTS OF TAX
SECTION 95 WHEN INSTALMENT OF TAX IS PAYABLE
SECTION 96 AMOUNT OF INSTALMENT OF TAX
SECTION 97 NOTIONAL TAX AMOUNT
SECTION 98 INSTALMENT STATEMENT
SECTION 98A INSTALMENT TRANSFER INTEREST CHARGE - LIABILITY
SECTION 98B INSTALMENT TRANSFER INTEREST CHARGE - AMOUNT
SECTION 98C INSTALMENT TRANSFER INTEREST CHARGE - NOTIFICATION AND PAYMENT
SECTION 98D INSTALMENT TRANSFER INTEREST CHARGE - REMISSION
SECTION 99 APPLICATION OF PAYMENTS OF INSTALMENTS OF TAX
SECTION 100 UNPAID INSTALMENTS
### (Repealed) SECTION 100A PART TO STOP APPLYING
### (Repealed) SECTION 101 PENALTY FOR FAILURE TO FURNISH RETURN
### (Repealed) SECTION 102 PENALTY FOR FALSE OR MISLEADING STATEMENTS
### (Repealed) SECTION 103 PENALTY TAX WHERE ARRANGEMENT TO AVOID TAX
### (Repealed) SECTION 104 ASSESSMENT OF ADDITIONAL TAX
### (Repealed) SECTION 105 JUDICIAL NOTICE OF SIGNATURE
### (Repealed) SECTION 106 EVIDENCE
SECTION 106A REVIEW OF CERTAIN DECISIONS
### (Repealed) SECTION 107 ACCESS TO PREMISES ETC.
### (Repealed) SECTION 108 RELEVANT AUTHORITY TO OBTAIN INFORMATION AND EVIDENCE
### (Repealed) SECTION 108A OFFSHORE INFORMATION NOTICES
SECTION 109 AGENTS AND TRUSTEES
### (Repealed) SECTION 110 RECOVERY OF TAX PAID ON BEHALF OF ANOTHER PERSON
### (Repealed) SECTION 111 RIGHT OF CONTRIBUTION
SECTION 112 RECORDS TO BE KEPT AND PRESERVED
SECTION 113 SERVICE ON PARTNERSHIPS AND ASSOCIATIONS
SECTION 114 REGULATIONS
1 DEFINED TERMS
2 (Repealed) HOLDING AN INTEREST - PETROLEUM PROJECT
3 (Repealed) HOLDING AN INTEREST - EXPLORATION RIGHT
4 AMOUNTS TO BE WORKED OUT TO NEAREST DOLLAR
4A CERTAIN GREATER SUNRISE EXPENDITURE IS NOT TRANSFERABLE
4B GREATER SUNRISE TRANSFERABLE EXPLORATION EXPENDITURE MUST BE ADJUSTED
4C CERTAIN NORTH WEST SHELF EXPENDITURE IS NOT TRANSFERABLE
5 INTERPRETATION
6 MATTERS DEALT WITH IN THIS PART
7 WHAT HAPPENS IF THERE IS NO NOTIONAL TAXABLE PROFIT
8 WHAT HAPPENS IF THERE IS A NOTIONAL TAXABLE PROFIT
9 INTERPRETATION
10 MATTERS DEALT WITH IN THIS PART
11 WHAT HAPPENS IF THERE IS NO NOTIONAL TAXABLE PROFIT
12 WHAT HAPPENS IF THERE IS A NOTIONAL TAXABLE PROFIT
13 MATTERS DEALT WITH IN THIS PART
14 ASSUMPTIONS ON WHICH AMOUNTS TO BE WORKED OUT
15 NON-TRANSFERABLE EXPENDITURE
16 AMOUNTS TO BE WORKED OUT
17 WHAT HAPPENS IF THE NOTIONAL ASSESSABLE RECEIPTS EQUAL OR EXCEED THE NOTIONAL DEDUCTIBLE EXPENDITURE
18 WHAT HAPPENS IF THE NOTIONAL DEDUCTIBLE EXPENDITURE EXCEEDS THE NOTIONAL ASSESSABLE RECEIPTS
19 INTERPRETATION
20 MATTERS DEALT WITH IN THIS PART
21 RULE - MUST BE A NOTIONAL TAXABLE PROFIT IN RELATION TO RECEIVING PROJECT
22 RULE - PERSON MUST HAVE HELD INTERESTS IN RELATION TO TRANSFERRING ENTITY AND RECEIVING PROJECT
23 RULE - TRANSFER TO PROJECT WITH MOST RECENT PRODUCTION LICENCE
24 RULE - RESTRICTION ON TRANSFER OF STANDARD UPLIFT EXPENDITURE
25 RULE - RESTRICTION ON TRANSFER OF GDP EXPENDITURE
26 RULE - TOTAL TRANSFERRED NOT TO EXCEED NOTIONAL TAXABLE PROFIT
27 INTERPRETATION
28 SITUATIONS TO WHICH THIS PART APPLIES
29 MATTERS DEALT WITH IN THIS PART
30 RULE - MUST BE A NOTIONAL TAXABLE PROFIT IN RELATION TO PROFIT COMPANY AND RECEIVING PROJECT
31 RULE - CONTINUITY OF INTEREST WITHIN COMPANY GROUP
32 RULE - TRANSFER TO PROJECT WITH MOST RECENT PRODUCTION LICENCE
33 RULE - RESTRICTION ON TRANSFER OF STANDARD UPLIFT EXPENDITURE
34 RULE - RESTRICTION ON TRANSFER OF GDP EXPENDITURE
35 RULE - TOTAL TRANSFERRED NOT TO EXCEED NOTIONAL TAXABLE PROFIT
36 MATTERS DEALT WITH IN THIS PART
36A TRANSFER YEARS THAT START ON OR AFTER 1 JULY 2019
37 TRANSFER YEARS THAT START BEFORE 1 JULY 2019 - EXPENDITURE INCURRED IN A STANDARD UPLIFT EXPENDITURE YEAR
38 TRANSFER YEARS THAT START BEFORE 1 JULY 2019 - EXPENDITURE INCURRED IN A GDP EXPENDITURE YEAR
(Repealed) SCHEDULE 2 - STARTING BASE FOR ONSHORE PETROLEUM PROJECTS AND THE NORTH WEST SHELF PROJECT

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Reference number: 2026-01-07 11:28:56

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