Treasury Laws Amendment (2019 Petroleum Resource Rent Tax Reforms No. 1) Act 2019 (43 of 2019)

Schedule 1   Reform of the petroleum resource rent tax

Part 2   Standard uplift expenditure

Petroleum Resource Rent Tax Assessment Act 1987

36   Clause 1 of Schedule 1

Insert:

standard uplift expenditure year , in relation to a petroleum project, means the earlier of the following financial years and each financial year after that financial year:

(a) the financial year in which the relevant pre-commencement day occurred;

(b) the financial year that starts on 1 July 2019.