House of Representatives

Petroleum Resource Rent Tax Assessment Amendment Bill 2006

Petroleum Resource Rent Tax Assessment Amendment Act 2006

Petroleum Resource Rent Tax (Instalment Transfer Interest Charge Imposition) Bill 2006

Petroleum Resource Rent Tax (Instalment Transfer Interest Charge Imposition) Act 2006

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello MP)

Index

Schedule 1: Deducting transferable exploration expenditure from tax instalments
Bill reference Paragraph number
Item 7, subsection 45E(1) 1.13
Item 7, subsection 45E(2) 1.13
Item 7, paragraph 45E(3)(a) 1.14
Item 7, paragraph 45E(3)(b) 1.15
Item 7, paragraph 45E(3)(c) 1.16
Item 7, subsections 45E(4) and (5) 1.18
Item 7, subsection 45E(6) 1.17
Item 7, subsection 45E(7) 1.21
Item 7, paragraph 97(1A)(aa) 1.22
Item 11 1.47
Item 12 1.46
Item 12, paragraph 98A(1)(a) 1.25
Item 12, paragraph 98A(1)(b) 1.26
Item 12, subsection 98A(2) 1.27
Item 12, paragraph 98A(2)(a) 1.27
Item 12, paragraph 98A(2)(b) 1.27
Item 12, subsection 98A(3) 1.27
Item 12, paragraph 98A(4)(a) and subsection 98A(7) 1.34
Item 12, paragraph 98A(4)(b) and subsection 98A(7) 1.34
Item 12, paragraph 98A(4)(c) and subsection 98A(7) 1.34
Item 12, subsection 98A(5) 1.36
Item 12, subsection 98A(6) 1.37
Item 12, section 98B 1.38
Item 12, section 98C 1.40
Item 12, subsection 98D(1) 1.42
Item 12, subsection 98D(2) 1.43
Item 12, subsection 98D(3) 1.43

Schedule 2: Group company transferable exploration expenditure continuity of interest rule
Bill reference Paragraph number
Item 1, subclause 22(4) 2.17
Item 2, subparagraph 31(1)(a)(i) 2.11
Item 2, subparagraph 31(1)(a)(ii) 2.12
Item 2, paragraph 31(1)(b) 2.14
Item 2, subclause 31(2) 2.15
Item 2, subclause 31(3) 2.16
Item 2, subclause 31(4) 2.13
Item 3 2.18
Item 4, subsection 4(1) 2.19
Item 4, subsection 4(2) 2.19
Item 4, subsection 4(3) 2.20
Item 4, subsection 4(4) 2.21
Item 4, subsection 4(5) 2.22

Schedule 3: Deducting closing down costs for conversion of production licence to infrastructure licence
Bill reference Paragraph number
Items 2 and 3, section 2 3.13
Item 4, section 2, and item 5, paragraph 2C(1)(b) 3.13
Item 5, subsection 2C(1) 3.13
Item 5, subsections 2C(2) to (4) 3.14
Item 6, subsection 27(3) 3.15
Item 6, subsection 27(4) 3.16
Item 8, subsection 39(2) 3.17
Item 8, subsection 39(3) 3.16
Item 8, subsection 39(4) 3.18
Item 9 3.19

Schedule 4: Self-assessment
Bill reference Paragraph number
Item 1, paragraph 2(a) 4.17
Item 2 4.42
Item 4 4.26
Item 5 4.13
Item 6, paragraph 60(2)(aa) 4.14
Item 9 4.15
Item 10 4.16
Item 10, section 61 4.17
Item 10, section 62 4.18
Item 10, section 63 4.19
Item 10, section 64 4.20
Item 10, section 65 4.21
Item 10, subsection 66(1) 4.22
Item 10, subsection 66(2) 4.22
Item 10, subsection 67(1) 4.24
Item 10, paragraphs 67(2)(a) to (c) 4.25
Item 10, paragraph 67(2)(e) 4.25
Item 10, paragraph 67(2)(d) 4.26
Item 10, subsection 67(3) 4.27
Item 10, section 68 4.28
Item 10, subsection 69(1) 4.29
Item 10, subsection 69(2) 4.30
Item 10, subsection 69(3) 4.31
Item 10, subsection 69(2) and (3) 4.32
Item 10, subsection 69(4) 4.33
Item 10, subsections 70(1) to (3) 4.34
Item 10, subsections 71(1) to (3) 4.36
Item 10, subsections 72(1) and (2) 4.37
Item 10, subsection 72(3) 4.37
Item 11, subsection 82(1) 4.38
Item 11, subsection 82(2) 4.39
Item 11, subsection 82(3) 4.40
Item 12, subsection 85(1) 4.41
Items 13, 14 and 16 to 23 4.42
Items 15 and 24 4.42
Item 25, paragraph 14ZW(1)(bb) of the TAA 1953) 4.22
Item 26 4.22
Item 26, subsection 14ZW(1AA) of the TAA 1953 4.22
Item 31 4.48
Item 32, subsection 280-102(1) 4.44
Item 32, subsection 280-102(2) 4.45
Item 32, paragraph 280-102(2)(a) 4.46
Item 32, subsection 280-102(3) 4.47
Item 32, subsection 280-103(1) 4.48
Item 32, subsection 280-103(2) 4.48
Items 33 to 36 4.49
Item 37 4.51
Item 38 4.53

Schedule 5: Other amendments
Bill reference Paragraph number
Items 1 and 2, subsections 2B(6) and (7) 5.18
Items 3, 10, 12 and 22 5.27
Items 4 and 5, paragraphs 24(1)(b) and (c) 5.21
Items 6 and 7, paragraphs 24(1)(d) and (e) 5.21
Item 8, paragraph 44(h) 5.10
Items 9 and 11, paragraphs 45A(3)(a) and 45B(3)(a) 5.17
Items 13 and 14, subsections 48(3) and 48A(11) 5.14
Item 15, subsection 59(1) 5.16
Items 16 and 17, subsections 59(3) and 60(3) 5.15
Items 18, subsection 106(2) 5.24
Item 19, subsection 106(3) 5.28
Item 20, subsection 103(3A) 5.25
Item 21, subsection 106(4) 5.28
Item 23, section 1 5.29
Item 23, section 2 5.30

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