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

Schedule 2   Removing onshore projects from the petroleum resource rent tax

Part 3   Application, transitional and savings provisions

Division 2   General application of amendments

92   Tax-related liabilities incurred in relation to periods ending before 1 July 2019

The repeal of Division 8 of Part V of the Petroleum Resource Rent Tax Assessment Act 1987 and the amendments of Division 721 of the Income Tax Assessment Act 1997 made by this Schedule do not apply in relation to the following liabilities that become due and payable on or after 1 July 2019:

(a) general interest charge mentioned in item 40 of the table in subsection 721-10(2) of the Income Tax Assessment Act 1997;

(b) an administrative penalty mentioned in item 65 of that table;

(c) shortfall interest charge mentioned in item 100 of that table;

to the extent that the period to which the liability relates, as mentioned in the table, ends before 1 July 2019.


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