House of Representatives

Petroleum Resource Rent Tax Assessment Amendment Bill 2011

Petroleum Resource Rent Tax Assessment Amendment Act 2012

Petroleum Resource Rent Tax (Imposition - Customs) Bill 2011

Petroleum Resource Rent Tax (Imposition - Customs) Act 2012

Petroleum Resource Rent Tax (Imposition - Excise) Bill 2011

Petroleum Resource Rent Tax (Imposition - Excise) Act 2012

Petroleum Resource Rent Tax (Imposition - General) Bill 2011

Petroleum Resource Rent Tax (Imposition - General) Act 2012

Explanatory Memorandum

(Circulated by the authority of the Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP)

Index

Imposition Bills

Bill reference Paragraph number
Section 4 of the PRRT (Imposition-Customs) Bill 1.5
Subsection 4(3) of the (Imposition-Customs) Bill 1.7
Section 5 of the PRRT (Imposition-Customs) Bill 1.5
Section 6 of the PRRT (Imposition-Customs) Bill 1.9
Section 4 of the PRRT (Imposition-Excise) Bill 1.5
Subsection 4(3) of the PRRT (Imposition-Excise) Bill 1.7
Section 5 of the PRRT (Imposition-Excise) Bill 1.5
Section 6 of the PRRT (Imposition-Excise) Bill 1.9
Section 4 of the PRRT (Imposition-General) Bill 1.5
Subsection 4(3) of the PRRT (Imposition-General) Bill Bill 1.7
Section 5 of the PRRT (Imposition-General) Bill 1.5
Section 6 of the PRRT (Imposition-General) Bill 1.9

References to the Petroleum Resource Rent Tax Assessment Act 1987

Bill reference Paragraph number
Section 2 of the PRRTAA 1987 2.26
Sections 12 of the PRRTAA 1987 1.23
Section 13 of the PRRTAA 1987 1.23
Section 19 of the PRRTAA 1987 2.25
Subsection 19(1) of the PRRTAA 1987 1.19
Subsection 19(4) of the PRRTAA 1987 1.20
Section 20 of the PRRTAA 1987 1.21
Section 21 of the PRRTAA 1987 1.23
Section 23 of the PRRTAA 1987 1.26
Section 24 of the PRRTAA 1987 1.27
Section 24A of the PRRTAA 1987 1.29
Section 27 of the PRRTAA 1987 1.29
Paragraph 28(b) of the PRRTAA 1987 1.29
Section 29 of the PRRTAA 1987 1.29
Section 33 of the PRRTAA 1987 Table 1.1
Section 34 of the PRRTAA 1987 Table 1.1
Section 34A of the PRRTAA 1987 Table 1.1
Section 35 of the PRRTAA 1987 Table 1.1
Section 35A of the PRRTAA 1987 Table 1.1
Section 35B of the PRRTAA 1987 Table 1.1
Section 37 of the PRRTAA 1987 1.33, 1.35, 4.19
Section 38 of the PRRTAA 1987 1.33, 1.38
Section 39 of the PRRTAA 1987 1.33, 1.40, Table 1.1
Section 42 of the PRRTAA 1987 1.34
Section 46 of the PRRTAA 1987 1.41, Table 1.1
Section 44 of the PRRTAA 1987 1.43, 5.69
Section 109 of the PRRTAA 1987 1.23

Main Bill

Schedule 1: Extension to onshore projects etc

Bill reference Paragraph number
Item 1, section 2, (definition of 'access authority') 2.54
Item 2, section 2, (definition of 'applicable commencement date') 2.33, 2.74
Item 3, section 2, (definition of 'applicable commencement date') 2.33, 2.74
Item 4, section 2, (definition of 'block') 2.59
Item 5, section 2 2.71
Item 6, section 2, (definition of 'excluded fee') 2.62
Item 7, section 2, (definition of 'exploration permit') 2.37
Item 8, section 2, (definition of 'exploration permit area') 2.38
Item 9, section 2, (definition of 'holder of a registered interest') 2.64
Item 10, section 2, (definition of 'infrastructure licence') 2.50
Item 11, (definition of 'marketable petroleum commodity') 2.84
Item 12, section 2, (new definition of 'North West Shelf project') 2.79
Item 13, section 2 2.83
Item 14, section 2, (new definition of 'onshore area') 2.65
Item 15, section 2, (new definition of 'onshore petroleum project') 2.66, 5.17
Item 16, section 2, (definition of 'petroleum') 2.81
Item 17, section 2, (definition of 'pipeline licence') 2.45
Item 18 2.72
Item 19, section 2, (definition of 'production licence') 2.29
Item 20, section 2, (definition of 'production licence area') 2.32
Item 21, section 2, (definition of 'registered holder') 2.63
Item 22, section 2, (definition of 'retention lease') 2.41
Item 23, section 2, (definition of 'retention lease area') 2.42
Item 24, section 2AA 2.31, 2.36
Item 25, section 2, (definition of 'marketable petroleum commodity') 2.84
Item 26, subsection 19(1) 2.78
Items 27 and 28 2.72
Item 29, new subsection 19(1B) 2.77, 5.17
Items 30 to 35 2.72
Item 36, subsection 20(1) 2.92
Item 36, subsection 20(1A) 2.93
Item 36, paragraph 20(1)(c) 2.97
Item 36, paragraph 20(1)(d) 2.99
Item 37 2.72
Item 38, paragraph 20(2)(a) 2.103
Item 39 2.72
Item 40, subsection 20(4) 2.104
Item 41 2.72
Items 42 and 43, Clause 1 of the Schedule, (definition of 'starting day') 2.75
Items 44 and 45, repeal of Subclause 13(3) of the Schedule 2.76
Item 46 2.68, 5.25

Schedule 2: Assessable receipts

Bill reference Paragraph number
Item 1, section 29A 3.14
Item 2, section 29A 3.14
Item 3 3.11
Item 4 3.11
Item 5 4.22
Item 5, section 29A 3.14
Item 5, subsection 29A(2) 3.14
Item 6 3.16
Item 7 and sections 27 to 29 of the PRRTAA 1987 5.97
Item 7 3.17
Item 8 3.17
Item 9 3.7
Item 10 3.7
Item 11 3.9
Item 12 3.19
Item 13 3.8, 3.12
Subitem 13(1) 5.88
Item 14 3.22
Item 15 3.22
Item 16 3.22

Schedule 3: Deductible expenditure

Bill reference Paragraph number
Item 1 4.11
Item 2 4.11
Item 3 4.31
Item 4 4.37
Item 5 4.11
Item 6, paragraph 19(4)(b) 4.18
Item 7 4.28
Item 8 4.13, 4.39
Item 9 4.13, 4.39
Item 10 4.13, 4.39
Item 11 4.12
Item 11 4.38
Item 12 4.13, 4.39
Items 13 4.13, 4.39
Item 14, section 35C 4.24, 4.25
Item 14, subsection 35C(4) 4.27
Item 14, subsection 35C(5) 4.29
Item 14, subsection 35C(6) 4.33
Item 14, subparagraphs 35C(3)(c)(i) to (iv) 4.26
Item 15, paragraph 37(1)(b) 4.19
Item 16, paragraph 37(1)(b) 4.19
Item 17 4.35
Item 18 4.11
Item 18 4.35
Item 19 4.41
Item 20 4.12
Item 20 4.38

Schedule 4: Starting Base for onshore petroleum projects and the North West Shelf project Starting Base Amounts

Bill reference Paragraph number
Item 1, 5.134
Item 2 5.30, 5.93, 5.96, 5.103, 5.120
Item 3, definition of 'starting base amount' 5.31
Item 4, Clause 10 5.37
Item 5 5.35
Item 7 5.97, 5.128
Item 8 5.93
Item 9 5.93
Item 10, section 35D 5.120
Item 10 subsections 35D(3) and 35D(4) 5.120
Item 10, section 35E 5.91
Item 10, subsection 35E(1) 5.92, 5.107
Item 10, subparagraph 35E(1)(a)(ii) 5.95
Item 10, subsection 35E(3) 5.94
Item 10, subsection 35E(4) 5.92
Item 10, paragraphs 35E (1)(b) and (2)(b) 5.98
Item 10, subsections 35D(1) and 35E(4) 5.108
Item 11, section 45 5.103
Item 11, subsection 45(6), 5.103
Item 11, subsection 45(2) 5.33, 5.100
Item 11, paragraph 45(2)(b) 5.45
Item 11, subsections 45(2) and (5) 5.102, 5.109
Item 12, Subclause 10(4) 5.45, 5.99
Item 13 5.99
Item 14 5.99
Item 15 5.99
Item 16, Clause 2 5.50, 5.81
Item 16, Clause 3 5.20
Item 16, paragraph 3(1)(a) 5.22
Item 16, Subclause 3(2) 5.23
Item 16, Subclauses 3(4) and 3(5) 5.24
Item 16, Clause 4 5.27
Item 16, Clause 5 5.20
Item 16, Clause 6 5.32
Item 16, Clause 7 5.42
Item 16, Subclause 7(1) 5.74
Item 16, Subclause 7(2) 5.80
Item 16, Clause 8 5.52
Item 16, Subclause 8(2) 5.54, 5.55
Item 16, Subclause 8(3) 5.56
Item 16, Subclause 9(2) 5.64
Item 16, Subclause 9(3) 5.68
Item 16, Subclause 9(4) 5.70
Item 16, Subclause 9(5) 5.67
Item 16, Clause 10 5.32, 5.37
Item 16, Subclause 10(3) 5.39
Item 16, Subclause 10(2) 5.26, 5.40
Item 16, Subclause 10(4) 5.44
Item 16, Subclause 10(5) 5.41
Item 16, Clause 11 5.26, 5.51
Item 16, Clause 12 5.75
Item 16, Clause 13 5.81
Item 16, Subclause 13(2) 5.85
Item 16, Clause 14 5.71
Item 16, paragraph 15(1)(a) 5.60
Item 16, paragraph 15(1)(b) 5.61
Item 16, paragraph 15(1)(c) 5.62
Item 16, Subclause 15(2) 5.61
Item 16, Subclause 15(3) and (4) 5.58
Item 16, Subclause 15(5) 5.64
Item 16, Subclause 15(6) 5.62
Item 16, Subclause 15(7) 5.63
Item 16, Clause 16 5.79
Item 16, Clause 17 5.73
Item 16, Clause 18 5.106, 5.121
Item 16, paragraph 18(1)(a) 5.110
Item 16, paragraph 18(1)(b) and Subclause 18(2) 5.111
Item 16, Subclause 18(2) 5.111
Item 16, Subclause 18(4) 5.107
Item 16, Subclause 18(5) 5.108
Item 16, Subclause 18(7) 5.112, 5.113
Item 16, Subclauses 18(8) and 18(9) 5.107
Item 16, Clause 19 5.117
Item 16, Subclause 19(2) 5.119
Item 16, Subclause 19(3) 5.108
Item 16, Clause 20 5.122
Item 16, Clause 21 5.129
Item 16, Clause 22 5.132
Item 16, Clause 23 5.23, 5.134
Item 16, Subclause 23(4), 5.136
Item 16, Subclause 23(6) 5.135
Item 16 Subclause 23(4) 5.137
Item 16, Subclause 23(5) 5.138
Item 17 5.88
Items 18 to 20 5.77
Item 21 5.44
Item 22 5.19, 5.133
Item 25 5.18
Items 26 to 42 5.14
Item 43 5.135
Item 44 5.135, 5.136
Item 48 5.19
Items 49 and 50 5.130
Item 51 5.93
Item 52 5.93

Schedule 5: Consolidated groups

Bill reference Paragraph number
Item 1, subsection 58N(1) of the PRRTAA 1987 6.23
Item 1, subsection 58N(2) of the PRRTAA 1987 6.24
Item 1, subsection 58N(3) of the PRRTAA 1987 6.25
Item 1, subsection 58N(4) of the PRRTAA 1987 6.26, 6.28
Item 1, subsection 58P(1) of the PRRTAA 1987 6.18
Item 1, subsection 58P(2) of the PRRTAA 1987 6.19
Item 1, section 58Q of the PRRTAA 1987 6.21, 6.30, 6.31
Item 1, section 58R of the PRRTAA 1987 6.33
Item 1, section 58S of the PRRTAA 1987 6.36
Item 1, section 58T of the PRRTAA 1987 6.39
Item 1, section 58U of the PRRTAA 1987 6.41
Item 1, section 58V of the PRRTAA 1987 6.27
Item 2, subsections 703-50(1) and 719-50(1) of the ITAA 1997 6.43
Item 3, subsections 703-50(1) and 719-50(1) of the ITAA 1997 6.43
Item 4, subsection 721-10(2) of the ITAA 1997 6.46
Item 5, subsection 721-10(5) of the ITAA 1997 6.47
Item 6, section 2 of the PRRTAA 1987 6.50
Item 7, section 2 of the PRRTAA 1987 6.51
Item 8, section 2 of the PRRTAA 1987 6.53
Item 9, section 2 of the PRRTAA 1987 6.50
Item 10, section 2 of the PRRTAA 1987 6.51
Item 11, section 2 of the PRRTAA 1987 6.50
Item 12, section 2 of the PRRTAA 1987 6.50

Schedule 6: Other amendments

Bill reference Paragraph number
Item 1 7.6
Item 2 7.8
Items 3 and 4 7.9
Item 5 7.10
Item 6 7.16
Item 7 7.14
Item 8 7.18
Item 9 7.19
Item 10 7.21
Item 11 7.23
Item 12 7.20

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