PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987
Table of Provisions
PART I--PRELIMINARY
PART II--INTERPRETATION
- 2 Defined terms
- 2A GDP factor
- 2B Group companies, subsidiaries, basic company groups and overall company groups
- 2BA Designated company groups
- 2C Greater Sunrise apportionments
- 2D Future closing-down expenditure
- 2E
- 3 Petroleum pools
- 4 Relationship between licences, permits and leases etc.
- 4A Holding an interest--petroleum project
- 4B Holding an interest--exploration permit
- 4C Holding an interest--retention lease
- 5 Petroleum exploration and recovery in relation to certain areas
- 6 Termination of use of property in relation to a petroleum project
- 7 Property installed ready for use
- 8 Consideration not in cash
- 9 Amounts credited, reinvested etc. to be taken to be receivable
- 10 Translation of amounts into Australian currency
- 11 Residence
- 12 Partnerships
- 13 Unincorporated associations
- 14 Application of Act
PART III--ADMINISTRATION
PART IV--PETROLEUM--PROJECTS
PART V--LIABILITY--TO TAXATION
DIVISION 1--Liability to tax on taxable profit- 21 Liability to pay tax
- 22 Taxable profit DIVISION 2--Assessable receipts
- 22B Effect of GST etc. on assessable receipts
- 23 Assessable receipts
- 24 Assessable petroleum receipts
- 24A Assessable tolling receipts
- 25 Assessable exploration recovery receipts
- 26 Amounts notionally derived where no sale of petroleum etc.
- 27 Assessable property receipts
- 28 Assessable miscellaneous compensation receipts
- 29 Assessable employee amenities receipts
- 29A Assessable incidental production receipts
- 30 Reduction of amount of assessable property etc. receipts
- 31 Time of derivation of receipts
- 31A Eligible real expenditure and the Bass Strait project
- 31AA Eligible real expenditure--North West Shelf project DIVISION 3--Deductible expenditure
- 31B Effect of input tax credits etc. on deductible expenditure
- 32 Deductible expenditure
- 33 Class 1 augmented bond rate general expenditure
- 34 Class 1 augmented bond rate exploration expenditure
- 34A Class 2 uplifted general expenditure
- 35 Class 1 GDP factor expenditure
- 35A Class 2 uplifted exploration expenditure
- 35B Class 2 GDP factor expenditure
- 35C Resource tax expenditure
- 35E Starting base expenditure
- 36 Class 1 augmented bond rate exploration and class 1 GDP factor expenditures in relation to project groups
- 36A Designated frontier areas for 2004
- 36B Designated frontier areas for 2005 to 2009
- 36C Uplifted frontier expenditure
- 37 Exploration expenditure
- 38 General project expenditure
- 39 Closing-down expenditure
- 40 Bad debts
- 41 Effect of procuring the carrying on of operations etc. by others
- 42 Expenditure on property for partial project use
- 43 Deferred use of property on project etc.
- 44 Excluded expenditure
- 45 Time of incurring of expenditure DIVISION 3A--Transfer of exploration expenditure incurred on or after 1 July 1990
- 45A Transfer of expenditure--general
- 45B Transfer of expenditure--group companies
- 45C Commissioner's power to make transfers of expenditure
- 45D Effect of transfer of expenditure
- 45E Instalment transfers and annual transfers DIVISION 4--Tax credits
- 46 Credits in respect of closing-down expenditure
- 47 Application of credits DIVISION 5--Effect of certain transactions
- 48 Transfer of entire entitlement to assessable receipts
- 48A Transfer on or after 1 July 1993 of part of entitlement to assessable receipts
- 49 Transfer before 1 July 1984 of partial entitlement to assessable receipts DIVISION 6--Anti-avoidance
- 50 Arrangements
- 51 Tax benefits
- 52 Arrangements to which Subdivision applies
- 53 Cancellation of tax benefits etc.
- 55 Operation of Subdivision
- 56 Arm's length transaction
- 57 Non-arm's length receipts
- 58 Non-arm's length expenditure DIVISION 7--Functional currency
- 58A Objects of this Division
- 58B Person may elect to be bound by the functional currency rules
- 58C Applicable foreign currency
- 58D Basic translation rules
- 58E Translation rule--assessable receipt
- 58F Translation rule--eligible real expenditure
- 58G Translation rule--transfer of entire entitlement to assessable receipts
- 58H Translation rule--transfer of part of entitlement to assessable receipts
- 58J Translation of taxable profit, or excess closing-down expenditure, into Australian currency
- 58K Special translation rules--events that happened before the current election took effect
- 58L Withdrawal of election
- 58M Special translation rules--events that happened before the withdrawal of an election took effect
PART VI--RETURNS--AND ASSESSMENTS
DIVISION 1--Returns- 59 Annual returns
- 60 Other returns DIVISION 2--Assessments (general)
- 61 Making assessments
- 62 Self-assessment
- 63 Default assessments
- 64 Reliance on information in returns and statements
- 65 Validity of assessments
- 66 Objections to assessments DIVISION 3--Assessments (amendment)
- 67 Amendment of assessments
- 68 Amended assessments taken to be assessments
- 69 Amending amended assessments
- 70 Extended periods for amendment--taxpayer applications and private rulings
- 71 Extended periods for amendment--Federal Court orders and taxpayer consent
- 72 Refund of overpaid amounts
PART VIII--COLLECTION--AND RECOVERY OF TAX
DIVISION 1--General- 82 When tax and shortfall interest charge payable
- 85 Unpaid tax and charges
- 92 Person in receipt or control of money of non-resident DIVISION 2--Collection by instalments
- 93 Interpretation
- 94 Liability to pay instalments of tax
- 95 When instalment of tax is payable
- 96 Amount of instalment of tax
- 97 Notional tax amount
- 98 Instalment statement
- 98A Instalment transfer interest charge--liability
- 98B Instalment transfer interest charge--amount
- 98C Instalment transfer interest charge--notification and payment
- 98D Instalment transfer interest charge--remission
- 99 Application of payments of instalments of tax
- 100 Unpaid instalments