Tax Laws Amendment (2009 Measures No. 3) Act 2009 (47 of 2009)

Schedule 3   Petroleum resource rent tax

Part 1   Functional currency

Petroleum Resource Rent Tax Assessment Act 1987

16   After section 2B

Insert:

16AHA Giving information about payments in a financial year

2BA Designated company groups

(1) This section sets out the method for identifying a designated company group for the purposes of this Act.

(2) First, identify a particular overall company group.

(3) Second, identify all of the members of the overall company group that are entitled to derive assessable receipts in relation to a petroleum project (whether or not the same petroleum project). These members constitute a provisional designated company group .

(4) Third, if the following conditions are satisfied in relation to a company (the key company ):

(a) the key company is a member of the provisional designated company group;

(b) the key company is not a subsidiary of any other company in the provisional designated company group;

(c) each other company in the provisional designated company group is a subsidiary of the key company;

then:

(d) the provisional designated company group is a designated company group ; and

(e) the key company is the head company of that designated company group.

(5) Fourth, if:

(a) subsection (4) does not apply; and

(b) each company in the provisional designated company group is a subsidiary of another company (the key company ) that:

(i) is a member of the overall company group; and

(ii) is not a member of the provisional designated company group;

then:

(c) both:

(i) the key company; and

(ii) the members of the provisional designated company group;

constitute a designated company group ; and

(d) the key company is the head company of that designated company group.

(6) Subsection (5) has effect subject to subsection (7).

(7) If:

(a) a designated company group is covered by subsection (5); and

(b) the head company of the designated company group is a subsidiary of another company (the higher-tier company ); and

(c) the higher-tier company is a member of the overall company group; and

(d) the higher-tier company is not a member of the provisional designated company group;

there is taken not to be a designated company group of which:

(e) the higher-tier company is the head company; and

(f) any member of the provisional designated company group is a member.