Petroleum Resource Rent Tax Assessment Act 1987

PART V - LIABILITY TO TAXATION

Division 2 - Assessable receipts

SECTION 28 ASSESSABLE MISCELLANEOUS COMPENSATION RECEIPTS

28(1)
For the purposes of this Act, a reference to assessable miscellaneous compensation receipts derived by a person in relation to a petroleum project is a reference to amounts of the following kinds:

(a) amounts receivable by the person by way of insurance, compensation or indemnity in respect of:

(i) the loss or destruction, or the loss of any profit caused by the loss or destruction, of any petroleum, or constituent of petroleum, recovered or recoverable from the eligible exploration or recovery area in relation to the project (including in the case of a combined project any pre-combination project in relation to the project), being a loss or destruction that occurred before a marketable petroleum commodity had been produced from the petroleum;

(ii) the loss or destruction, or the loss of any profit caused by the loss or destruction, of any marketable petroleum commodity produced from petroleum recovered from the area referred to in subparagraph (i), being a loss or destruction that occurred before the commodity became an excluded commodity; or

(iii) the loss of any amount that would otherwise have been an assessable receipt derived by the person in relation to the project;

(b) amounts receivable by the person in respect of eligible real expenditure incurred by the person in relation to the project (including in the case of a combined project any pre-combination project in relation to the project), being amounts by way of:

(i) indemnity or compensation for the incurring of the expenditure;

(ii) refund of the expenditure; or

(iii) rebate, discount or commission in respect of the expenditure.

View history reference

(c) (Repealed by No 83 of 2014)

View history reference

View history note

History

S 28(1) amended by No 83 of 2014, s 3 and Sch 1 items 316 and 317, by substituting " expenditure. " for " expenditure; " in para (b)(iii) and repealing para (c), effective 1 July 2014. No 83 of 2014, s 3 and Sch 1 item 339 contains the following transitional provision:

339 Transitional - Petroleum Resource Rent Tax Assessment Act 1987
339(1)
Despite the amendments of section 28 of the Petroleum Resource Rent Tax Assessment Act 1987 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.

339(2)
The repeal of paragraph 44(1)(ia) of the Petroleum Resource Rent Tax Assessment Act 1987 by this Schedule does not apply to unit shortfall charge imposed on:

(a) a unit shortfall for the financial year beginning on 1 July 2012; or

(b) a unit shortfall for the financial year beginning on 1 July 2013.

Para (c) formerly read:

(c) amounts receivable by the person in respect of the sale of free carbon units (within the meaning of the Clean Energy Act 2011 ):

(i) that the person received under the Jobs and Competitiveness Program (within the meaning of that Act); and

(ii) that relate to the petroleum project.

S 28(1) amended by No 18 of 2012, s 3 and Sch 6 item 1, by inserting para (c), effective 1 July 2012.

S 28(1) renumbered from s 28 by No 18 of 2012, s 3 and Sch 2 item 3, effective 1 July 2012. No 18 of 2012, s 3 and Sch 2 item 13 contains the following transitional provision:

Transitional
…

13(2)
For the purposes of applying subparagraph 28(b)(ii) of the Petroleum Resource Rent Tax Assessment Act 1987 in relation to an onshore petroleum project or the North West Shelf project, disregard any receipts:

(a) of a kind referred to in that subparagraph; and

(b) that relate to resource tax expenditure incurred in relation to the project before 1 July 2012.

28(2)

View history reference

However, an amount referred to in subparagraph (b)(ii) that is a refund of resource tax expenditure is increased by dividing the amount by the rate mentioned in section 5 of the Petroleum Resource Rent Tax (Imposition - General) Act 2012 .

View history note

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.