Petroleum Resource Rent Tax Assessment Act 1987

PART V - LIABILITY TO TAXATION  

Division 2 - Assessable receipts  

SECTION 23   ASSESSABLE RECEIPTS  

23(1)    

For the purposes of this Act, but subject to subsections (2) and (3), a reference to the assessable receipts derived by a person in a financial year in relation to a petroleum project (not being an ineligible project in relation to the financial year) is a reference to the total receipts of the following kinds, whether of a capital or revenue nature, derived by the person in the financial year in relation to the project:

(a) assessable petroleum receipts;

(aa) assessable tolling receipts;

(b) assessable exploration recovery receipts;

(c) assessable property receipts;

(d) assessable miscellaneous compensation receipts;

(e) assessable employee amenities receipts;

(f) assessable incidental production receipts.

23(2)    

For the purposes of this Act, the assessable receipts derived by a person in a financial year in relation to a combined project (not being an ineligible project in relation to the financial year) shall include any amounts of a kind referred to in paragraphs (1)(a) to (f) (inclusive) derived by the person during the financial year in relation to the pre-combination projects in relation to the combined project.

23(3)    

For the purposes of this Act, assessable receipts, in relation to a Greater Sunrise project, are to be calculated as if each amount of the petroleum recovered from a Greater Sunrise unit reservoir became the property of the person who recovered that amount as soon as it was recovered.

23(4)    

Subsection (3) has effect despite subsection 286(2) of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 .