Greater Sunrise Unitisation Agreement Implementation Act 2004 (47 of 2004)

Schedule 2   Amendment of other Acts

Petroleum Resource Rent Tax Assessment Act 1987

12   At the end of section 22 (after the note)

Add:

Allowing for Greater Sunrise apportionments

(2) However, if the petroleum project is a Greater Sunrise project, the person is taken for the purposes of this Act to have a taxable profit in relation to the project and the year of tax of an amount worked out using the following formula:

(Initial taxable profit * Apportionment percentage figure) / 100

where:

apportionment percentage figure has the meaning given by subsection 2C(2).

initial taxable profit means the amount of taxable profit worked out under subsection (1) ignoring this subsection.