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PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987

Table of Provisions

PART I--PRELIMINARY

  • 1 Short title  
  • 1A Application of the  

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

  • 15 General administration of Act  
  • 16 Annual report  

PART IV--PETROLEUM--PROJECTS

  • 19 Petroleum project  
  • 20 Combining of 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  

PART X--MISCELLANEOUS

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