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

Schedule 4   Starting base for onshore petroleum projects and the North West Shelf project

Part 2   Other amendments

Petroleum Resource Rent Tax Assessment Act 1987

22   Section 2

Insert:

pre-licence area , in relation to a production licence, means:

(a) if the production licence was derived from an exploration permit - the exploration permit area of the exploration permit; or

(b) if the production licence was derived from a retention lease - either:

(i) the retention lease area of the retention lease; or

(ii) the exploration permit area of the exploration permit to which the retention lease is related.