Treasury Legislation Amendment (Repeal Day) Act 2015 (2 of 2015)

Schedule 2   Consolidation and repeal of tax provisions

Part 3   Repeals of penalty tax provisions

Division 1   Amendments

Petroleum Resource Rent Tax Assessment Act 1987

88   Section 2 (definition of assessment )

Repeal the definition, substitute:

assessment means the ascertainment of the amount of a person’s taxable profit (or that a person has no taxable profit) in relation to a year of tax and a petroleum project, and of the tax payable on that amount (or that no tax is payable).

Note: Under clause 23 of Schedule 2, assessments may also be made for starting base purposes.