Petroleum Resource Rent Tax Assessment Amendment Act 2012 (18 of 2012)

Schedule 1   Extension to onshore projects etc.

Petroleum Resource Rent Tax Assessment Act 1987

36   Subsection 20(1)

Repeal the subsection, substitute:

(1) Subject to this section, where within the qualifying period in relation to a production licence in relation to a petroleum project, the Resources Minister, whether on application, request or otherwise, having regard to:

(a) the respective operations, facilities and other things that comprise, have comprised or will comprise that project and any other petroleum project or projects existing at the time at which the production licence came into force; and

(b) the persons by whom or on whose behalf the operations, facilities and other things referred to in paragraph (a) are being, have been or are proposed to be carried on or provided; and

(c) to the extent (if any) that the projects are onshore petroleum projects - the respective operations, facilities and other things that are involved, have been involved or will be involved in any further processing or treating of any petroleum or marketable petroleum commodity produced in relation to the projects; and

(d) to the extent (if any) that the projects are not onshore petroleum projects - the geological, geophysical and geochemical and other features of the production licence areas in relation to the projects;

considers that the projects are sufficiently related to be treated for the purposes of this Act as a single petroleum project, the Minister must issue a certificate under this subsection specifying the production licence or production licences in relation to each of the projects.

(1A) Despite subsection (1), the Minister cannot specify, under that subsection:

(a) a production licence relating to the North West Shelf project; or

(b) if one of the projects is not an onshore petroleum project - a production licence relating to:

(i) an onshore petroleum project existing on 30 June 2012; or

(ii) if a pre-combination project in relation to a combined project is such a project - the combined project.