Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 417 - Timor Sea petroleum  

Subdivision 417-A - Introduction  

SECTION 417-10   Meaning of transitioned petroleum activities  

417-10(1)    
Transitioned petroleum activities are petroleum activities (within the meaning of the *Timor Sea Maritime Boundaries Treaty) that are undertaken:

(a) pursuant to the terms of any of the following *production sharing contracts:

(i) Production Sharing Contract JPDA 03-12;

(ii) Production Sharing Contract JPDA 03-13;

(iii) Production Sharing Contract JPDA 06-105;

(iv) Production Sharing Contract JPDA 11-106; or

(b) pursuant to the terms of a production sharing contract that:

(i) comes into force after, or when, that treaty entered into force; and

(ii) has the effect of replacing, and relates to the same area as, a production sharing contract mentioned in paragraph (a); or

(c) in a part of the *Petroleum Exploration Permit WA-523-P permit area that, as a result of that treaty entering into force, ceased to be within the continental shelf of Australia.

Note:

This part of the Petroleum Exploration Permit WA-523-P permit area includes the Buffalo Oil Field.

417-10(2)    
The Petroleum Exploration Permit WA-523-P permit area is the area that, just before the *Timor Sea Maritime Boundaries Treaty entered into force, was the subject of Petroleum Exploration Permit WA-523-P, granted under Part 2.2 of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 on 27 May 2016.