Petroleum Resource Rent Tax Assessment Act 1987
[
CCH Note:
No 18 of 2012, s 3 and Sch 1 item 46 contains the following transitional provision:
46 Transitional
46
Division
2
of Part
VIII
of the
Petroleum Resource Rent Tax Assessment Act 1987
(collection by instalments) does not apply, in respect of the year of tax commencing on 1 July 2012, in relation to an onshore petroleum project or the North West Shelf project.]
The instalment transfer interest charge on an amount of instalment transfer excess, for a day in an instalment transfer charge period, is worked out by multiplying the rate worked out under subsection (2) by the sum of the following amounts:
(a) the instalment transfer tax; and
(b) the instalment transfer interest charge payable on the excess for the previous days in the instalment transfer charge period.
98B(2)
The rate is:
|
Base interest rate for the day
Number of days in the calendar year |
98B(3)
In this section:
base interest rate
, for a day, has the meaning given by section
8AAD
of the
Taxation Administration Act 1953
.
instalment transfer tax
is the amount worked out by multiplying the instalment transfer excess by the rate at which tax is imposed by the
Petroleum Resource Rent Tax (Imposition
-
General) Act 2012
in relation to the year of tax in which the instalment period to which the excess relates occurred.
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