INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 3 - Deductions  

Subdivision A - General  

SECTION 72A   DEDUCTIONS FOR PETROLEUM RESOURCE RENT TAX PAYMENTS  

72A(1A)   [No operation from 1997/98 year onwards]  

A deduction is not allowable under subsection (1) for the 1997-98 year of income or any later year of income.

Note:

Section 330-350 of the Income Tax Assessment Act 1997 gives a taxpayer a deduction for petroleum resource rent tax, or an instalment of petroleum resource rent tax, paid in the 1997-98 year of income or a later year of income.

72A(1)   [Allowable deduction]  

Subject to subsection (2), where in a year of income a taxpayer pays an amount of petroleum resource rent tax, or an instalment of petroleum resource rent tax, for which the taxpayer is personally liable, the amount of the payment is an allowable deduction from the assessable income of the taxpayer of the year of income.

72A(2AA)   [No operation from 1997/98 year onwards]  

A deduction is not allowable under subsection (2) for the 1997-98 year of income or any later year of income.

Note:

Section 330-350 of the Income Tax Assessment Act 1997 gives a taxpayer as agent or trustee a deduction for petroleum resource rent tax, or an instalment of petroleum resource rent tax, paid in the 1997-98 year of income or a later year of income.

72A(2)   [Deduction as agent or trustee]  

Where in a year of income a taxpayer as agent or trustee pays an amount of petroleum resource rent tax, or an instalment of petroleum resource rent tax, for which the taxpayer is liable as agent or trustee, the amount of the payment is an allowable deduction from the assessable income of the taxpayer, as agent or trustee, of the year of income.

72A(2A)   [Payment under s 99(c) of Petroleum Tax Act]  

A reference in subsections (1) and (2) to a payment of an amount of petroleum resource rent tax does not include a reference to a payment under paragraph 99(c) of the Petroleum Tax Act.

72A(3)   [Refund or credit assessable]  

Subject to subsection (4), where in a year of income -

(a) a taxpayer receives a refund of an amount paid for petroleum resource rent tax, or instalment of petroleum resource rent tax, that has been allowed or is allowable, or would apart from subsection (2A) have been allowable, as a deduction from the assessable income of the taxpayer of a year of income; or

(aa) under paragraph 99(d) of the Petroleum Tax Act, the Commissioner credits an amount paid by a taxpayer in respect of an instalment of petroleum resource rent tax, where a deduction for that amount has been allowed or is allowable to the taxpayer for a year of income; or

(b) the Commissioner:

(i) pays an amount to a taxpayer in total or partial discharge of a debt under sub-section 47(1) of the Petroleum Tax Act; or

(ii) applies an amount under subsection 47(2) of that Act in total or partial discharge of a liability of a taxpayer,

the amount shall be included in the assessable income of the taxpayer of the year of income in which it is received, credited, paid or applied, as the case may be.

72A(4)   [Refund or credit to agent or trustee]  

Where in a year of income -

(a) a taxpayer receives as agent or trustee a refund of an amount paid for petroleum resource rent tax, or instalment of petroleum resource rent tax, that has been allowed or is allowable, or would apart from subsection (2A) have been allowable, as a deduction from the assessable income of the taxpayer of a year of income; or

(aa) under paragraph 99(d) of the Petroleum Tax Act, the Commissioner credits an amount paid by a taxpayer as agent or trustee in respect of an instalment of petroleum resource rent tax, where a deduction for that amount has been allowed or is allowable to the taxpayer for a year of income; or

(b) the Commissioner:

(i) pays an amount to a taxpayer as agent or trustee in total or partial discharge of a debt under subsection 47(1) of the Petroleum Tax Act; or

(ii) applies an amount under subsection 47(2) of that Act in total or partial discharge of a liability of a taxpayer as agent or trustee,

the amount shall be included in the assessable income of the taxpayer, as agent or trustee, of the year of income in which it is received, credited, paid or applied, as the case may be.

72A(5)   [Definitions]  

In this section:

"instalment of petroleum resource rent tax"
means an instalment of tax payable under Division 2 of Part VIII of the Petroleum Tax Act;

"petroleum resource rent tax"
means tax imposed by the Petroleum Resource Rent Tax Act 1987 , as assessed under the Petroleum Tax Act;

"Petroleum Tax Act"
means the Petroleum Resource Rent Tax Assessment Act 1987 .