Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 (88 of 2013)

Schedule 7   Miscellaneous amendments

Part 1   Resource rent taxation

Petroleum Resource Rent Tax Assessment Act 1987

151   Subclause 10(4) of Schedule 2

Repeal the subclause, substitute:

(4) Despite subclause (1), something cannot become a starting base asset relating to an interest in a petroleum project that relates to a particular production licence if:

(a) the production licence is derived from a particular retention lease or exploration permit; and

(b) the thing has already become a starting base asset relating to an interest in another petroleum project; and

(c) the production licence to which the other project relates:

(i) came into force between 2 May 2010 and 30 June 2012; and

(ii) is derived from that retention lease or exploration permit.

(4A) Despite subclause (1), something cannot become a starting base asset relating to an interest in a petroleum project that relates to a particular production licence if:

(a) the production licence is derived from a particular exploration permit; and

(b) a retention lease that is related to the exploration permit came into force between 2 May 2010 and 30 June 2012; and

(c) the production licence is not derived from the retention lease.

Note: For the relationship between production licences, exploration permits and retention leases, see section 4.