Taxation Laws Amendment Act (No. 4) 1994 (181 of 1994)

Schedule 1   AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936

Part 1   MINING AND PETROLEUM CASH BIDDING

11   Subsection 124ABA(6) (definitions of 'exploration permit', 'production licence' and 'retention lease')

Omit the definitions, substitute respectively the following definitions:

"'exploration permit' means:

(a) an exploration permit for petroleum under Part III of the Petroleum Act; or

(b) any permit, licence, lease or other authority (other than a production licence) that:

(i) is granted under a law of the Commonwealth, a State, a Territory or a foreign country (other than a law of a foreign country declared by the regulations as mentioned in paragraph (7)(a)); and

(ii) authorises exploration or prospecting for petroleum, whether or not it also authorises other things;

'production licence' means:

(a) a production licence for petroleum under Part III of the Petroleum Act; or

(b) any permit, licence, lease or other authority that:

(i) is granted under a law of the Commonwealth, a State, a Territory or a foreign country (other than a law of a foreign country declared by the regulations as mentioned in paragraph (7)(a)); and

(ii) authorises the carrying on of mining operations for the extraction (other than merely by taking samples) of petroleum from its natural site, whether or not it also authorises other things;

'retention lease' means:

(a) a retention lease under Part III of the Petroleum Act; or

(b) any permit, licence (other than a production licence), lease or authority in relation to an area that:

(i) is granted under a law of the Commonwealth, a State, a Territory or a foreign country (other than a law of a foreign country declared by the regulations as mentioned in paragraph (7)(a)); and

(ii) is only permitted to be granted to a person who is the holder of, or of an interest in, an exploration permit, or retention lease, in relation to the area.".


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