Petroleum Resource Rent Tax Assessment Act 1987

PART II - INTERPRETATION  

SECTION 2A   GDP FACTOR  

2A(1)    
For the purposes of this Act, the GDP factor for a financial year is the number (calculated to 3 decimal places) worked out by dividing the GDP deflator for the financial year by the GDP deflator for the immediately preceding financial year.

2A(2)    
For the purposes of subsection (1), the GDP deflator for a financial year is the Implicit Price Deflator for Expenditure on Gross Domestic Product first published by the Australian Statistician in respect of the financial year.

2A(3)    

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If the Australian Statistician changes the index reference period for the GDP deflator, then, for the purposes of the application of subsection (1) after the change takes place, regard must be had only to the GDP deflator in terms of the new index reference period.

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History

S 2A(3) amended by No 4 of 2016, s 3 and Sch 5 item 5, by substituting " index reference period " for " reference base " (wherever occurring), effective 10 March 2016.

2A(4)    
Where the GDP factor worked out under subsection (1) for a financial year would, if it were calculated to 4 decimal places, end with a number greater than 4, the GDP factor worked out under that subsection for that financial year is taken to be the GDP factor calculated to 3 decimal places under that subsection and increased by 0.001.

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