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 1   Main amendments

Petroleum Resource Rent Tax Assessment Act 1987

5   Section 2

Insert:

value , of a starting base asset, means:

(a) if, under Part 2 of Schedule 2, the book value approach is the valuation approach for the interest, in a petroleum project, to which the asset relates - the book value of the asset, worked out under Division 3 of Part 3 of that Schedule; or

(b) if, under Part 2 of Schedule 2, the market value approach is the valuation approach for the interest, in a petroleum project, to which the asset relates - the market value of the asset, worked out under Division 3 of Part 3 of that Schedule.