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Petroleum Resource Rent Tax Assessment Act 1987
- PART I - PRELIMINARY
- SECTION 1 SHORT TITLE
- SECTION 1A APPLICATION OF THE CRIMINAL CODE
- PART II - INTERPRETATION
- SECTION 2 DEFINED TERMS
- ### (Repealed) SECTION 2AA DETERMINATIONS RELATING TO CERTAIN DEFINED TERMS
- ### (Repealed) SECTION 2AB EXCLUSION OF INCIDENTAL RECOVERY OF COAL SEAM GAS
- ### (Repealed) SECTION 2AC EXCLUSION OF INCIDENTAL EXPLORATION ETC. FOR PETROLEUM
- SECTION 2A GDP FACTOR
- SECTION 2B GROUP COMPANIES, SUBSIDIARIES, BASIC COMPANY GROUPS AND OVERALL COMPANY GROUPS
- SECTION 2BA DESIGNATED COMPANY GROUPS
- SECTION 2C GREATER SUNRISE APPORTIONMENTS
- SECTION 2D FUTURE CLOSING-DOWN EXPENDITURE
- SECTION 2E MARKETABLE PETROLEUM COMMODITY
- SECTION 3 PETROLEUM POOLS
- SECTION 4 RELATIONSHIP BETWEEN LICENCES, PERMITS AND LEASES ETC.
- SECTION 4A HOLDING AN INTEREST - PETROLEUM PROJECT
- SECTION 4B HOLDING AN INTEREST - EXPLORATION PERMIT
- SECTION 4C HOLDING AN INTEREST - RETENTION LEASE
- SECTION 5 PETROLEUM EXPLORATION AND RECOVERY IN RELATION TO CERTAIN AREAS
- SECTION 6 TERMINATION OF USE OF PROPERTY IN RELATION TO A PETROLEUM PROJECT
- SECTION 7 PROPERTY INSTALLED READY FOR USE
- SECTION 8 CONSIDERATION NOT IN CASH
- SECTION 9 AMOUNTS CREDITED, REINVESTED ETC TO BE TAKEN TO BE RECEIVABLE
- SECTION 10 TRANSLATION OF AMOUNTS INTO AUSTRALIAN CURRENCY
- SECTION 11 RESIDENCE
- SECTION 12 PARTNERSHIPS
- SECTION 13 UNINCORPORATED ASSOCIATIONS
- SECTION 14 APPLICATION OF ACT
- PART III - ADMINISTRATION
- SECTION 15 GENERAL ADMINISTRATION OF ACT
- SECTION 16 ANNUAL REPORT
- ### (Repealed) SECTION 17 SECRECY
- ### (Repealed) SECTION 18 APPLICATION OF PART IN RELATION TO SECTION 20
- PART IV - PETROLEUM PROJECTS
- SECTION 19 PETROLEUM PROJECT
- SECTION 20 COMBINING OF PETROLEUM PROJECTS
- PART V - LIABILITY TO TAXATION
- Division 1 - Liability to tax on taxable profit
- SECTION 21 LIABILITY TO PAY TAX
- SECTION 22 TAXABLE PROFIT
- Division 2 - Assessable receipts
- SECTION 22B EFFECT OF GST ETC. ON ASSESSABLE RECEIPTS
- SECTION 23 ASSESSABLE RECEIPTS
- SECTION 24 ASSESSABLE PETROLEUM RECEIPTS
- SECTION 24A ASSESSABLE TOLLING RECEIPTS
- SECTION 25 ASSESSABLE EXPLORATION RECOVERY RECEIPTS
- SECTION 26 AMOUNTS NOTIONALLY DERIVED WHERE NO SALE OF PETROLEUM ETC.
- SECTION 27 ASSESSABLE PROPERTY RECEIPTS
- SECTION 28 ASSESSABLE MISCELLANEOUS COMPENSATION RECEIPTS
- SECTION 29 ASSESSABLE EMPLOYEE AMENITIES RECEIPTS
- SECTION 29A ASSESSABLE INCIDENTAL PRODUCTION RECEIPTS
- SECTION 30 REDUCTION OF AMOUNT OF ASSESSABLE PROPERTY ETC. RECEIPTS
- SECTION 31 TIME OF DERIVATION OF RECEIPTS
- SECTION 31A ELIGIBLE REAL EXPENDITURE AND THE BASS STRAIT PROJECT
- SECTION 31AA ELIGIBLE REAL EXPENDITURE - NORTH WEST SHELF PROJECT
- Division 3 - Deductible expenditure
- SECTION 31B EFFECT OF INPUT TAX CREDITS ETC. ON DEDUCTIBLE EXPENDITURE
- SECTION 32 DEDUCTIBLE EXPENDITURE
- SECTION 33 CLASS 1 AUGMENTED BOND RATE GENERAL EXPENDITURE
- SECTION 34 CLASS 1 AUGMENTED BOND RATE EXPLORATION EXPENDITURE
- SECTION 34A CLASS 2 UPLIFTED GENERAL EXPENDITURE
- SECTION 35 CLASS 1 GDP FACTOR EXPENDITURE
- SECTION 35A CLASS 2 UPLIFTED EXPLORATION EXPENDITURE
- SECTION 35B CLASS 2 GDP FACTOR EXPENDITURE
- SECTION 35C RESOURCE TAX EXPENDITURE
- ### (Repealed) SECTION 35D ACQUIRED EXPLORATION EXPENDITURE
- SECTION 35E STARTING BASE EXPENDITURE
- SECTION 35F AUGMENTED DENIED DEDUCTIBLE EXPENDITURE
- SECTION 36 CLASS 1 AUGMENTED BOND RATE EXPLORATION AND CLASS 1 GDP FACTOR EXPENDITURES IN RELATION TO PROJECT GROUPS
- SECTION 36A DESIGNATED FRONTIER AREAS FOR 2004
- SECTION 36B DESIGNATED FRONTIER AREAS FOR 2005 TO 2009
- SECTION 36C UPLIFTED FRONTIER EXPENDITURE
- SECTION 37 EXPLORATION EXPENDITURE
- SECTION 38 GENERAL PROJECT EXPENDITURE
- SECTION 39 CLOSING-DOWN EXPENDITURE
- SECTION 40 BAD DEBTS
- SECTION 41 EFFECT OF PROCURING THE CARRYING ON OF OPERATIONS ETC. BY OTHERS
- SECTION 42 EXPENDITURE ON PROPERTY FOR PARTIAL PROJECT USE
- SECTION 43 DEFERRED USE OF PROPERTY ON PROJECT ETC.
- SECTION 44 EXCLUDED EXPENDITURE
- SECTION 45 TIME OF INCURRING OF EXPENDITURE
- Division 3A - Transfer of exploration expenditure incurred on or after 1 July 1990
- SECTION 45A TRANSFER OF EXPENDITURE - GENERAL
- SECTION 45B TRANSFER OF EXPENDITURE - GROUP COMPANIES
- SECTION 45C COMMISSIONER'S POWER TO MAKE TRANSFERS OF EXPENDITURE
- SECTION 45D EFFECT OF TRANSFER OF EXPENDITURE
- SECTION 45E INSTALMENT TRANSFERS AND ANNUAL TRANSFERS
- Division 4 - Tax credits
- SECTION 46 CREDITS IN RESPECT OF CLOSING-DOWN EXPENDITURE
- SECTION 47 APPLICATION OF CREDITS
- Division 5 - Effect of certain transactions
- SECTION 48 TRANSFER OF ENTIRE ENTITLEMENT TO ASSESSABLE RECEIPTS
- SECTION 48A TRANSFER ON OR AFTER 1 JULY 1993 OF PART OF ENTITLEMENT TO ASSESSABLE RECEIPTS
- SECTION 49 TRANSFER BEFORE 1 JULY 1984 OF PARTIAL ENTITLEMENT TO ASSESSABLE RECEIPTS
- Division 6 - Anti-avoidance
- Subdivision A - Arrangements to obtain tax benefits
- SECTION 50 ARRANGEMENTS
- SECTION 51 TAX BENEFITS
- SECTION 51A THE BASES FOR IDENTIFYING TAX BENEFITS
- SECTION 52 ARRANGEMENTS TO WHICH THIS SUBDIVISION APPLIES
- SECTION 53 CANCELLATION OF TAX BENEFITS ETC.
- ### (Repealed) SECTION 54 AMENDMENT OF ASSESSMENTS
- SECTION 55 OPERATION OF SUBDIVISION
- Subdivision B - Non-arm's length transactions
- SECTION 56 ARM'S LENGTH TRANSACTION
- SECTION 57 NON-ARM ' S LENGTH RECEIPTS
- SECTION 58 NON-ARM'S LENGTH EXPENDITURE
- Division 7 - Functional currency
- SECTION 58A OBJECTS OF THIS DIVISION
- SECTION 58B PERSON MAY ELECT TO BE BOUND BY THE FUNCTIONAL CURRENCY RULES
- SECTION 58C APPLICABLE FOREIGN CURRENCY
- SECTION 58D BASIC TRANSLATION RULES
- SECTION 58E TRANSLATION RULE - ASSESSABLE RECEIPT
- SECTION 58F TRANSLATION RULE - ELIGIBLE REAL EXPENDITURE
- SECTION 58G TRANSLATION RULE - TRANSFER OF ENTIRE ENTITLEMENT TO ASSESSABLE RECEIPTS
- SECTION 58H TRANSLATION RULE - TRANSFER OF PART OF ENTITLEMENT TO ASSESSABLE RECEIPTS
- SECTION 58J TRANSLATION OF TAXABLE PROFIT, OR EXCESS CLOSING-DOWN EXPENDITURE, INTO AUSTRALIAN CURRENCY
- SECTION 58K SPECIAL TRANSLATION RULES - EVENTS THAT HAPPENED BEFORE THE CURRENT ELECTION TOOK EFFECT
- SECTION 58L WITHDRAWAL OF ELECTION
- SECTION 58M SPECIAL TRANSLATION RULES - EVENTS THAT HAPPENED BEFORE THE WITHDRAWAL OF AN ELECTION TOOK EFFECT
- (Repealed) Division 8 - Consolidated groups
- ### (Repealed) SECTION 58N CHOICE TO CONSOLIDATE
- ### (Repealed) SECTION 58P SINGLE ENTITY RULE
- ### (Repealed) SECTION 58Q INTERESTS TAKEN TO BE TRANSFERRED TO HEAD COMPANY ETC. ON JOINING
- ### (Repealed) SECTION 58R INTERESTS TAKEN TO BE TRANSFERRED TO LEAVING ENTITY ON LEAVING
- ### (Repealed) SECTION 58RA INTERESTS TAKEN TO BE TRANSFERRED WHEN COMBINED WITH OFFSHORE INTERESTS
- ### (Repealed) SECTION 58S ACQUISITION OF CONSOLIDATED GROUP BY ANOTHER CONSOLIDATED GROUP ETC.
- ### (Repealed) SECTION 58T EFFECT OF CHOICE TO CONTINUE GROUP AFTER SHELF COMPANY BECOMES NEW HEAD COMPANY
- ### (Repealed) SECTION 58U EFFECT OF CHANGE OF HEAD COMPANY OR PROVISIONAL HEAD COMPANY OF A MEC GROUP
- ### (Repealed) SECTION 58V EFFECT OF GROUP CONVERSIONS INVOLVING MEC GROUPS
- ### (Repealed) SECTION 58W SUBSIDIARY MEMBERS THAT ARE TRUSTS
- PART VI - RETURNS AND ASSESSMENTS
- Division 1 - Returns
- SECTION 59 ANNUAL RETURNS
- SECTION 60 OTHER RETURNS
- Division 2 - Assessments (general)
- SECTION 61 MAKING ASSESSMENTS
- SECTION 62 SELF-ASSESSMENT
- SECTION 63 DEFAULT ASSESSMENTS
- SECTION 64 RELIANCE ON INFORMATION IN RETURNS AND STATEMENTS
- SECTION 65 VALIDITY OF ASSESSMENTS
- SECTION 66 OBJECTIONS TO ASSESSMENTS
- Division 3 - Assessments (amendment)
- SECTION 67 AMENDMENT OF ASSESSMENTS
- SECTION 68 AMENDED ASSESSMENTS TAKEN TO BE ASSESSMENTS
- SECTION 69 AMENDING AMENDED ASSESSMENTS
- ### (Repealed) SECTION 69A OBJECTIONS
- SECTION 70 EXTENDED PERIODS FOR AMENDMENT - TAXPAYER APPLICATIONS AND PRIVATE RULINGS
- SECTION 71 EXTENDED PERIODS FOR AMENDMENT - FEDERAL COURT ORDERS AND TAXPAYER CONSENT
- SECTION 72 REFUND OF OVERPAID AMOUNTS
- PART VIII - COLLECTION AND RECOVERY OF TAX
- Division 1 - General
- SECTION 82 WHEN TAX AND SHORTFALL INTEREST CHARGE PAYABLE
- ### (Repealed) SECTION 83 PERSONS LEAVING AUSTRALIA
- ### (Repealed) SECTION 84 EXTENSION OF TIME AND PAYMENT BY INSTALMENTS
- SECTION 85 UNPAID TAX AND CHARGES
- ### (Repealed) SECTION 86 RECOVERY OF TAX
- ### (Repealed) SECTION 87 SUBSTITUTED SERVICE
- ### (Repealed) SECTION 88 LIQUIDATORS ETC.
- ### (Repealed) SECTION 89 RECOVERY OF TAX FROM TRUSTEE OF DECEASED PERSON
- ### (Repealed) SECTION 90 WHERE NO ADMINISTRATION OF DECEASED PERSON'S ESTATE
- ### (Repealed) SECTION 91 COMMISSIONER MAY COLLECT TAX FROM PERSON OWING MONEY TO PERSON LIABLE TO TAX
- SECTION 92 PERSON IN RECEIPT OR CONTROL OF MONEY OF NON-RESIDENT
- Division 2 - Collection by instalments
- SECTION 93 INTERPRETATION
- SECTION 94 LIABILITY TO PAY INSTALMENTS OF TAX
- SECTION 95 WHEN INSTALMENT OF TAX IS PAYABLE
- SECTION 96 AMOUNT OF INSTALMENT OF TAX
- SECTION 97 NOTIONAL TAX AMOUNT
- SECTION 98 INSTALMENT STATEMENT
- SECTION 98A INSTALMENT TRANSFER INTEREST CHARGE - LIABILITY
- SECTION 98B INSTALMENT TRANSFER INTEREST CHARGE - AMOUNT
- SECTION 98C INSTALMENT TRANSFER INTEREST CHARGE - NOTIFICATION AND PAYMENT
- SECTION 98D INSTALMENT TRANSFER INTEREST CHARGE - REMISSION
- SECTION 99 APPLICATION OF PAYMENTS OF INSTALMENTS OF TAX
- SECTION 100 UNPAID INSTALMENTS
- (Repealed) PART IX - PENALTY TAX
- ### (Repealed) SECTION 100A PART TO STOP APPLYING
- ### (Repealed) SECTION 101 PENALTY FOR FAILURE TO FURNISH RETURN
- ### (Repealed) SECTION 102 PENALTY FOR FALSE OR MISLEADING STATEMENTS
- ### (Repealed) SECTION 103 PENALTY TAX WHERE ARRANGEMENT TO AVOID TAX
- ### (Repealed) SECTION 104 ASSESSMENT OF ADDITIONAL TAX
- PART X - MISCELLANEOUS
- ### (Repealed) SECTION 105 JUDICIAL NOTICE OF SIGNATURE
- ### (Repealed) SECTION 106 EVIDENCE
- SECTION 106A REVIEW OF CERTAIN DECISIONS
- ### (Repealed) SECTION 107 ACCESS TO PREMISES ETC.
- ### (Repealed) SECTION 108 RELEVANT AUTHORITY TO OBTAIN INFORMATION AND EVIDENCE
- ### (Repealed) SECTION 108A OFFSHORE INFORMATION NOTICES
- SECTION 109 AGENTS AND TRUSTEES
- ### (Repealed) SECTION 110 RECOVERY OF TAX PAID ON BEHALF OF ANOTHER PERSON
- ### (Repealed) SECTION 111 RIGHT OF CONTRIBUTION
- SECTION 112 RECORDS TO BE KEPT AND PRESERVED
- SECTION 113 SERVICE ON PARTNERSHIPS AND ASSOCIATIONS
- SECTION 114 REGULATIONS
- SCHEDULE 1 - PROVISIONS RELATING TO INCURRING AND TRANSFER OF EXPLORATION EXPENDITURE ON OR AFTER 1 JULY 1990
- PART 1 - INTERPRETATION
- 1 DEFINED TERMS
- 2 (Repealed) HOLDING AN INTEREST - PETROLEUM PROJECT
- 3 (Repealed) HOLDING AN INTEREST - EXPLORATION RIGHT
- 4 AMOUNTS TO BE WORKED OUT TO NEAREST DOLLAR
- PART 1A - SPECIAL RULES RELATING TO THE TRANSFER OF CERTAIN EXPENDITURE
- 4A CERTAIN GREATER SUNRISE EXPENDITURE IS NOT TRANSFERABLE
- 4B GREATER SUNRISE TRANSFERABLE EXPLORATION EXPENDITURE MUST BE ADJUSTED
- 4C CERTAIN NORTH WEST SHELF EXPENDITURE IS NOT TRANSFERABLE
- PART 2 - CLASS 2 UPLIFTED EXPLORATION EXPENDITURE AND TRANSFERABLE EXPLORATION EXPENDITURE
- 5 INTERPRETATION
- 6 MATTERS DEALT WITH IN THIS PART
- 7 WHAT HAPPENS IF THERE IS NO NOTIONAL TAXABLE PROFIT
- 8 WHAT HAPPENS IF THERE IS A NOTIONAL TAXABLE PROFIT
- PART 3 - CLASS 2 GDP FACTOR EXPENDITURE AND TRANSFERABLE EXPLORATION EXPENDITURE
- 9 INTERPRETATION
- 10 MATTERS DEALT WITH IN THIS PART
- 11 WHAT HAPPENS IF THERE IS NO NOTIONAL TAXABLE PROFIT
- 12 WHAT HAPPENS IF THERE IS A NOTIONAL TAXABLE PROFIT
- PART 4 - TRANSFERABLE EXPLORATION EXPENDITURE NOT INCURRED IN RELATION TO A PROJECT
- 13 MATTERS DEALT WITH IN THIS PART
- 14 ASSUMPTIONS ON WHICH AMOUNTS TO BE WORKED OUT
- 15 NON-TRANSFERABLE EXPENDITURE
- 16 AMOUNTS TO BE WORKED OUT
- 17 WHAT HAPPENS IF THE NOTIONAL ASSESSABLE RECEIPTS EQUAL OR EXCEED THE NOTIONAL DEDUCTIBLE EXPENDITURE
- 18 WHAT HAPPENS IF THE NOTIONAL DEDUCTIBLE EXPENDITURE EXCEEDS THE NOTIONAL ASSESSABLE RECEIPTS
- PART 5 - GENERAL RULES RELATING TO TRANSFER OF EXPLORATION EXPENDITURE
- 19 INTERPRETATION
- 20 MATTERS DEALT WITH IN THIS PART
- 21 RULE - MUST BE A NOTIONAL TAXABLE PROFIT IN RELATION TO RECEIVING PROJECT
- 22 RULE - PERSON MUST HAVE HELD INTERESTS IN RELATION TO TRANSFERRING ENTITY AND RECEIVING PROJECT
- 23 RULE - TRANSFER TO PROJECT WITH MOST RECENT PRODUCTION LICENCE
- 24 RULE - RESTRICTION ON TRANSFER OF STANDARD UPLIFT EXPENDITURE
- 25 RULE - RESTRICTION ON TRANSFER OF GDP EXPENDITURE
- 26 RULE - TOTAL TRANSFERRED NOT TO EXCEED NOTIONAL TAXABLE PROFIT
- PART 6 - RULES RELATING TO TRANSFER OF EXPLORATION EXPENDITURE BETWEEN GROUP COMPANIES
- 27 INTERPRETATION
- 28 SITUATIONS TO WHICH THIS PART APPLIES
- 29 MATTERS DEALT WITH IN THIS PART
- 30 RULE - MUST BE A NOTIONAL TAXABLE PROFIT IN RELATION TO PROFIT COMPANY AND RECEIVING PROJECT
- 31 RULE - CONTINUITY OF INTEREST WITHIN COMPANY GROUP
- 32 RULE - TRANSFER TO PROJECT WITH MOST RECENT PRODUCTION LICENCE
- 33 RULE - RESTRICTION ON TRANSFER OF STANDARD UPLIFT EXPENDITURE
- 34 RULE - RESTRICTION ON TRANSFER OF GDP EXPENDITURE
- 35 RULE - TOTAL TRANSFERRED NOT TO EXCEED NOTIONAL TAXABLE PROFIT
- PART 7 - COMPOUNDING OF TRANSFERRED AMOUNTS
- 36 MATTERS DEALT WITH IN THIS PART
- 36A TRANSFER YEARS THAT START ON OR AFTER 1 JULY 2019
- 37 TRANSFER YEARS THAT START BEFORE 1 JULY 2019 - EXPENDITURE INCURRED IN A STANDARD UPLIFT EXPENDITURE YEAR
- 38 TRANSFER YEARS THAT START BEFORE 1 JULY 2019 - EXPENDITURE INCURRED IN A GDP EXPENDITURE YEAR
- (Repealed) SCHEDULE 2 - STARTING BASE FOR ONSHORE PETROLEUM PROJECTS AND THE NORTH WEST SHELF PROJECT
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