Petroleum Resource Rent Tax Assessment Act 1987

PART V - LIABILITY TO TAXATION

Division 3 - Deductible expenditure

SECTION 36B DESIGNATED FRONTIER AREAS FOR 2005 TO 2009

36B(1)

For the purposes of the definition of designated frontier area , the Resources Minister may designate, in writing, up to (and including) 20% of potential exploration permit areas as frontier areas.

Note:

An amount of exploration expenditure incurred in respect of an area that is specified under this section might be increased by 150% (before the amount is further increased under Schedule 1 ): see section 36C .

View history note

History

S 36B(1) amended by No 43 of 2019, s 3 and Sch 1 item 23, by substituting " before the amount is further increased under Schedule 1 " for " before the GDP factor or the augmented bond rate is applied to the amount under Schedule 1 " in the note, effective 1 July 2019.

S 36B(1) amended by No 18 of 2012, s 3 and Sch 4 item 36, by substituting " Schedule 1 " for " the Schedule " in the note, effective 1 July 2012.

S 36B(1) amended by No 88 of 2009, s 3 and Sch 5 item 227, by substituting " Resources Minister " for " Minister administering the Offshore Petroleum and Greenhouse Gas Storage Act 2006 " , effective 18 September 2009.

S 36B(1) amended by No 117 of 2008, s 3 and Sch 3 item 52, by substituting " Offshore Petroleum and Greenhouse Gas Storage Act 2006 " for " Offshore Petroleum Act 2006 " , effective 22 November 2008.

S 36B(1) amended by No 17 of 2006, s 3 and Sch 2 item 92, by substituting " Offshore Petroleum Act 2006 " for " Petroleum (Submerged Lands) Act 1967 " , effective 1 July 2008. No 17 of 2006, s 3 and Sch 2 items 95 and 96 contain the following transitional provisions:

95 Transitional - pre-commencement events and circumstances
95
For the purposes of the application of:

(a) the Petroleum Resource Rent Tax Assessment Act 1987 (the PRRTA Act ); or

(b) an Act with which the PRRTA Act is incorporated;
to events that occurred, and circumstances that arose, before 1 July 2008:

…

(f) subsection 36B(1) of the PRRTA Act has effect as if the reference in that subsection to the Offshore Petroleum Act 2006 included a reference to the repealed Petroleum (Submerged Lands) Act 1967 ;
…

…
96 Transitional - section 36B of the Petroleum Resource Rent Tax Assessment Act 1987
(1)
This item applies to an instrument if:

(a) the instrument was in force immediately before 1 July 2008; and

(b) the instrument was made under subsection 36B(1) or (5) of the Petroleum Resource Rent Tax Assessment Act 1987 (the PRRTA Act ).

(2)
The instrument has effect, after 1 July 2008, as if:

(a) it had been made under the corresponding provision of the PRRTA Act as amended by No 17 of 2006; and

(b) any requirement imposed by the PRRTA Act (as amended by No 17 of 2006) in relation to the making of the instrument had been satisfied.

(3)
Subitem (2) does not prevent the instrument continuing to have effect for the purposes of the application of:

(a) the PRRTA Act; or

(b) an Act with which the PRRTA Act is incorporated;
to events that occurred, and circumstances that arose, before 1 July 2008.

36B(2)

View history reference

The Resources Minister must not specify new areas for a calendar year after 2009.

View history note

36B(3)

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The Resources Minister must publish an instrument made under subsection (1) in the Gazette .

View history note

36B(4)

View history reference

An instrument made under subsection (1) is not a legislative instrument.

View history note

36B(5)

View history reference

The Resources Minister may, by signed instrument, delegate his or her power under subsection (1) to an SES employee or an acting SES employee in the Resources Department.

Note:

The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901 .

View history note

36B(6)

View history reference

In this section:

potential exploration permit area
means an area or areas constituted by a block or blocks in respect of which applications for exploration permits have been invited, but not yet granted, under Part 2.2 of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 .

View history note

History

S 36B(6) amended by No 117 of 2008, s 3 and Sch 3 item 53, by substituting " Offshore Petroleum and Greenhouse Gas Storage Act 2006 " for " Offshore Petroleum Act 2006 " in the definition of " potential exploration permit area " , effective 22 November 2008.

S 36B(6) amended by No 17 of 2006, s 3 and Sch 2 item 93, by substituting " Part 2.2 of the Offshore Petroleum Act 2006 " for " Division 2 of Part III of the Petroleum (Submerged Lands) Act 1967 " in the definition of " potential exploration permit area " , effective 1 July 2008. No 17 of 2006, s 3 and Sch 2 items 95 and 96 contain the following transitional provisions:

95 Transitional - pre-commencement events and circumstances
95
For the purposes of the application of:

(a) the Petroleum Resource Rent Tax Assessment Act 1987 (the PRRTA Act ); or

(b) an Act with which the PRRTA Act is incorporated;
to events that occurred, and circumstances that arose, before 1 July 2008:

…

(g) the definition of " potential exploration permit area in subsection 36B(6) of the PRRTA Act has effect as if the reference in that definition of Part 2.2 of the Offshore Petroleum Act 2006 included a reference to Division 2 of Part III of the repealed Petroleum (Submerged Lands) Act 1967 );
…

…
96 Transitional - section 36B of the Petroleum Resource Rent Tax Assessment Act 1987
(1)
This item applies to an instrument if:

(a) the instrument was in force immediately before 1 July 2008; and

(b) the instrument was made under subsection 36B(1) or (5) of the Petroleum Resource Rent Tax Assessment Act 1987 (the PRRTA Act ).

(2)
The instrument has effect, after 1 July 2008, as if:

(a) it had been made under the corresponding provision of the PRRTA Act as amended by No 17 of 2006; and

(b) any requirement imposed by the PRRTA Act (as amended by No 17 of 2006) in relation to the making of the instrument had been satisfied.

(3)
Subitem (2) does not prevent the instrument continuing to have effect for the purposes of the application of:

(a) the PRRTA Act; or

(b) an Act with which the PRRTA Act is incorporated;
to events that occurred, and circumstances that arose, before 1 July 2008.

S 36B inserted by No 41 of 2005, s 3 and Sch 5 item 4, applicable in respect of any exploration expenditure incurred (whether before or after 1 April 2005) where the eligible exploration or recovery area is a designated frontier area.

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