Commonwealth Consolidated Acts Commonwealth Consolidated ActsAct No. 142 of 1987 as amended
This compilation was prepared on 16 October 2009
taking into account amendments up to Act No. 102 of 2009
The text of any of those
amendments not in force
on that date is appended in the Notes section
The operation of amendments that
have been incorporated may be
affected by application provisions that are set out in the Notes section
Prepared by the Office of
Legislative Drafting and Publishing,
Attorney‑General's Department,
Canberra
Contents
Part I--Preliminary 1
1............ Short title [see Note 1] ....................................................................... 1
1A......... Application of the Criminal Code ...................................................... 1
Part II--Interpretation 2
2............ Defined terms ..................................................................................... 2
2A......... GDP factor ....................................................................................... 14
2B......... Group companies, subsidiaries, basic company groups and overall company groups 14
2BA...... Designated company groups ............................................................ 16
2C......... Greater Sunrise apportionments ....................................................... 18
2D......... Future closing‑down expenditure ..................................................... 19
3............ Petroleum pools ................................................................................ 20
4............ Relationship between licences, permits and leases etc. .................... 20
5............ Petroleum exploration and recovery in relation to certain areas ....... 21
6............ Termination of use of property in relation to a petroleum project .. 26
7............ Property installed ready for use ....................................................... 26
8............ Consideration not in cash ................................................................. 26
9............ Amounts credited, reinvested etc. to be taken to be receivable ........ 26
10.......... Translation of amounts into Australian currency ............................. 26
11.......... Residence .......................................................................................... 28
12.......... Partnerships ...................................................................................... 29
13.......... Unincorporated associations ............................................................ 30
14.......... Application of Act ........................................................................... 31
Part III--Administration 32
15.......... General administration of Act .......................................................... 32
16.......... Annual report ................................................................................... 32
17.......... Secrecy .............................................................................................. 32
18.......... Application of Part in relation to section 20 .................................... 34
Part IV--Petroleum projects 35
19.......... Petroleum project ............................................................................. 35
20.......... Combining of petroleum projects ..................................................... 37
Part V--Liability to taxation 40
Division 1--Liability to tax on taxable profit 40
21.......... Liability to pay tax ........................................................................... 40
22.......... Taxable profit ................................................................................... 40
Division 2--Assessable receipts 42
22B....... Effect of GST etc. on assessable receipts ......................................... 42
23.......... Assessable receipts ........................................................................... 42
24.......... Assessable petroleum receipts ......................................................... 43
24A....... Assessable tolling receipts ................................................................ 45
25.......... Assessable exploration recovery receipts ......................................... 45
26.......... Amounts notionally derived where no sale of petroleum etc. .......... 46
27.......... Assessable property receipts ........................................................... 46
28.......... Assessable miscellaneous compensation receipts ............................ 47
29.......... Assessable employee amenities receipts .......................................... 48
30.......... Reduction of amount of assessable property etc. receipts ............... 49
31.......... Time of derivation of receipts .......................................................... 49
31A....... Eligible real expenditure and the Bass Strait project ......................... 50
Division 3--Deductible expenditure 51
31B....... Effect of input tax credits etc. on deductible expenditure ................ 51
32.......... Deductible expenditure ..................................................................... 51
33.......... Class 1 augmented bond rate general expenditure ............................. 51
34.......... Class 1 augmented bond rate exploration expenditure ...................... 53
34A....... Class 2 augmented bond rate general expenditure ............................. 54
35.......... Class 1 GDP factor expenditure ....................................................... 56
35A....... Class 2 augmented bond rate exploration expenditure ...................... 57
35B....... Class 2 GDP factor expenditure ....................................................... 58
36.......... Class 1 augmented bond rate exploration and class 1 GDP factor expenditures in relation to project groups 58
36A....... Designated frontier areas for 2004 .................................................... 61
36B....... Designated frontier areas for 2005 to 2009 ...................................... 61
36C....... Uplifted frontier expenditure ............................................................ 62
37.......... Exploration expenditure .................................................................... 62
38.......... General project expenditure .............................................................. 63
39.......... Closing‑down expenditure ................................................................ 64
40.......... Bad debts .......................................................................................... 66
41.......... Effect of procuring the carrying on of operations etc. by others ..... 67
42.......... Expenditure on property for partial project use .............................. 68
43.......... Deferred use of property on project etc. .......................................... 68
44.......... Excluded expenditure ........................................................................ 69
45.......... Time of incurring of expenditure ...................................................... 70
Division 3A--Transfer of exploration expenditure incurred on or after 1 July 1990 71
45A....... Transfer of expenditure--general ..................................................... 71
45B....... Transfer of expenditure--group companies ..................................... 72
45C....... Commissioner's power to make transfers of expenditure ................ 73
45D....... Effect of transfer of expenditure ....................................................... 74
45E........ Instalment transfers and annual transfers ......................................... 75
Division 4--Tax credits 77
46.......... Credits in respect of closing‑down expenditure ............................... 77
47.......... Application of credits ....................................................................... 78
Division 5--Effect of certain transactions 79
48.......... Transfer of entire entitlement to assessable receipts ........................ 79
48A....... Transfer on or after 1 July 1993 of part of entitlement to assessable receipts 81
49.......... Transfer before 1 July 1984 of partial entitlement to assessable receipts 84
Division 6--Anti‑avoidance 85
Subdivision A--Arrangements to obtain tax benefits 85
50.......... Arrangements .................................................................................... 85
51.......... Tax benefits ...................................................................................... 85
52.......... Arrangements to which Subdivision applies .................................... 86
53.......... Cancellation of tax benefits etc. ........................................................ 87
55.......... Operation of Subdivision .................................................................. 88
Subdivision B--Non‑arm's length transactions 88
56.......... Arm's length transaction .................................................................. 88
57.......... Non‑arm's length receipts ................................................................ 88
58.......... Non‑arm's length expenditure .......................................................... 89
Division 7--Functional currency 91
58A....... Objects of this Division .................................................................... 91
58B....... Person may elect to be bound by the functional currency rules ....... 91
58C....... Applicable foreign currency ............................................................. 93
58D....... Basic translation rules ....................................................................... 94
58E........ Translation rule--assessable receipt ................................................ 95
58F........ Translation rule--deductible expenditure ......................................... 95
58G....... Translation rule--transfer of entire entitlement to assessable receipts 96
58H....... Translation rule--transfer of part of entitlement to assessable receipts 96
58J........ Translation of taxable profit, or excess closing‑down expenditure, into Australian currency 96
58K....... Special translation rules--events that happened before the current election took effect 101
58L........ Withdrawal of election .................................................................... 103
58M...... Special translation rules--events that happened before the withdrawal of an election took effect 103
Part VI--Returns and assessments 105
Division 1--Returns 105
59.......... Annual returns ................................................................................ 105
60.......... Other returns .................................................................................. 106
Division 2--Assessments (general) 107
61.......... Making assessments ....................................................................... 107
62.......... Self‑assessment ............................................................................... 107
63.......... Default assessments ....................................................................... 107
64.......... Reliance on information in returns and statements ......................... 108
65.......... Validity of assessments .................................................................. 108
66.......... Objections to assessments .............................................................. 108
Division 3--Assessments (amendment) 110
67.......... Amendment of assessments ........................................................... 110
68.......... Amended assessments taken to be assessments ............................. 110
69.......... Amending amended assessments .................................................... 110
70.......... Extended periods for amendment--taxpayer applications and private rulings 111
71.......... Extended periods for amendment--Federal Court orders and taxpayer consent 112
72.......... Refund of overpaid amounts .......................................................... 113
Part VIII--Collection and recovery of tax 114
Division 1--General 114
82.......... When tax and shortfall interest charge payable .............................. 114
85.......... Unpaid tax and charges ................................................................... 114
92.......... Person in receipt or control of money of non‑resident ................... 115
Division 2--Collection by instalments 117
93.......... Interpretation .................................................................................. 117
94.......... Liability to pay instalments of tax ................................................. 117
95.......... When instalment of tax is payable .................................................. 117
96.......... Amount of instalment of tax ........................................................... 117
97.......... Notional tax amount ....................................................................... 118
98.......... Instalment statement ...................................................................... 119
98A....... Instalment transfer interest charge--liability ................................. 120
98B....... Instalment transfer interest charge--amount .................................. 122
98C....... Instalment transfer interest charge--notification and payment ..... 123
98D....... Instalment transfer interest charge--remission .............................. 124
99.......... Application of payments of instalments of tax .............................. 124
100........ Unpaid instalments ......................................................................... 125
Part IX--Penalty tax 127
100A..... Part to stop applying ..................................................................... 127
101........ Penalty for failure to furnish return ................................................ 127
102........ Penalty for false or misleading statements ..................................... 127
103........ Penalty tax where arrangement to avoid tax ................................... 129
104........ Assessment of additional tax .......................................................... 130
Part X--Miscellaneous 131
105........ Judicial notice of signature .............................................................. 131
106........ Evidence .......................................................................................... 131
106A..... Review of certain decisions ............................................................ 132
107........ Access to premises etc. .................................................................. 132
108........ Relevant authority to obtain information and evidence .................. 133
109........ Agents and trustees ........................................................................ 134
112........ Records to be kept and preserved .................................................. 135
113........ Service on partnerships and associations ....................................... 136
114........ Regulations ..................................................................................... 136
Schedule--Provisions relating to incurring and transfer of exploration expenditure on or after 1 July 1990 137
Part 1--Interpretation 139
1............ Defined terms ................................................................................. 139
2............ Holding an interest--petroleum project ......................................... 141
3............ Holding an interest--exploration right ........................................... 143
4............ Amounts to be worked out to nearest dollar .................................. 144
Part 1A--Special rules relating to the transfer of Greater Sunrise expenditure 145
4A......... Certain Greater Sunrise expenditure is not transferable ................. 145
4B......... Greater Sunrise transferable exploration expenditure must be adjusted 145
Part 2--Class 2 augmented bond rate exploration expenditure and transferable exploration expenditure 147
5............ Interpretation .................................................................................. 147
6............ Matters dealt with in this Part ....................................................... 147
7............ What happens if there is no notional taxable profit ....................... 148
8............ What happens if there is a notional taxable profit .......................... 148
Part 3--Class 2 GDP factor expenditure and transferable exploration expenditure 152
9............ Interpretation .................................................................................. 152
10.......... Matters dealt with in this Part ....................................................... 152
11.......... What happens if there is no notional taxable profit ....................... 153
12.......... What happens if there is a notional taxable profit .......................... 153
Part 4--Transferable exploration expenditure not incurred in relation to a project 156
13.......... Matters dealt with in this Part ....................................................... 156
14.......... Assumptions on which amounts to be worked out ........................ 156
15.......... Non‑transferable expenditure ......................................................... 157
16.......... Amounts to be worked out ............................................................. 158
17.......... What happens if the notional assessable receipts equal or exceed the notional deductible expenditure 159
18.......... What happens if the notional deductible expenditure exceeds the notional assessable receipts 159
Part 5--General rules relating to transfer of exploration expenditure 161
19.......... Interpretation .................................................................................. 161
20.......... Matters dealt with in this Part ....................................................... 161
21.......... Rule--must be a notional taxable profit in relation to receiving project 161
22.......... Rule--person must have held interests in relation to transferring entity and receiving project 162
23.......... Rule--transfer to project with most recent production licence ..... 163
24.......... Rule--restriction on transfer of ABR expenditure ......................... 164
25.......... Rule--restriction on transfer of GDP expenditure ......................... 164
26.......... Rule--total transferred not to exceed notional taxable profit ......... 164
Part 6--Rules relating to transfer of exploration expenditure between group companies 165
27.......... Interpretation .................................................................................. 165
28.......... Situations to which this Part applies .............................................. 165
29.......... Matters dealt with in this Part ....................................................... 165
30.......... Rule--must be a notional taxable profit in relation to profit company and receiving project 166
31.......... Rule--continuity of interest within company group ..................... 166
32.......... Rule--transfer to project with most recent production licence ..... 168
33.......... Rule--restriction on transfer of ABR expenditure ......................... 168
34.......... Rule--restriction on transfer of GDP expenditure ......................... 169
35.......... Rule--total transferred not to exceed notional taxable profit ......... 169
Part 7--Compounding of transferred amounts 170
36.......... Matters dealt with in this Part ....................................................... 170
37.......... What happens if expenditure was incurred in an ABR expenditure year 170
38.......... What happens if expenditure was incurred in a GDP expenditure year 171
Notes 173
An Act relating to the assessment and collection of the tax imposed by the Petroleum Resource Rent Tax Act 1987, and for related purposes
Notes to
the
Petroleum Resource Rent Tax Assessment
Act 1987 Note 1 The Petroleum Resource Rent Tax Assessment Act 1987 as
shown in this compilation comprises Act No. 142, 1987 amended as indicated
in the Tables below. For application, saving or transitional provisions made by the
Corporations (Repeals, Consequentials and Transitionals) Act 2001, see
Act No. 55, 2001. All relevant information pertaining to application, saving or
transitional provisions prior to 3 May 2000 is not included in this
compilation. For subsequent information see Table A. Table of Acts
|
Act |
Number |
Date |
Date of commencement |
Application, saving or transitional provisions |
|
142, 1987 |
18 Dec 1987 |
15 Jan 1988 |
|
|
|
97, 1988 |
25 Nov 1988 |
S. 29(1): 1 Jan 1989 (see s. 2(1) and Gazette 1988, No. S399) (a) |
-- |
|
|
60, 1990 |
16 June 1990 |
S. 43 and Part 10 (ss. 88-95): 31 Oct 1990 (see Gazette 1990, No. S272) |
-- |
|
|
80, 1991 |
26 June 1991 |
1 July 1991 |
||
|
Taxation Laws Amendment Act (No. 3) 1991 |
216, 1991 |
24 Dec 1991 |
S. 113: 1 Mar 1992 (see Gazette 1992, No. GN7) |
Ss. 114 and 124 |
|
Superannuation Guarantee (Consequential Amendments) Act 1992 |
92, 1992 |
30 June 1992 |
1 July 1992 |
-- |
|
118, 1992 |
30 Sept 1992 |
28 Oct 1992 |
-- |
|
|
210, 1992 |
24 Dec 1992 |
Part 1 (ss. 1-3): Royal Assent |
-- |
|
|
224, 1992 |
24 Dec 1992 |
-- |
||
|
118, 1993 |
24 Dec 1993 |
Ss. 125, 132 and 133: 1 July 1991 (d) |
Ss. 127(2), 128(2) and 130(2) |
|
|
181, 1994 |
19 Dec 1994 |
Schedule 1 (items 22-85): 13 Oct 1994 |
||
|
22, 1995 |
29 Mar 1995 |
29 Mar 1995 |
-- |
|
|
39, 1997 |
17 Apr 1997 |
Schedule 3 (item 110): 1 July 1997 |
-- |
|
|
11, 1999 |
31 Mar 1999 |
Schedule 1 (items 281-296): 1 July 1999 (e) |
-- |
|
|
Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 |
44, 1999 |
17 June 1999 |
Schedule 7 (items 123-125): 1 July 1999 (see Gazette 1999, No. S283) (f) |
S. 3(2)(e) (am. by 160, 2000, Sch. 4 [item 4]) |
|
as amended by |
|
|
|
|
|
160, 2000 |
21 Dec 2000 |
Schedule 1 (item 21): Royal Assent |
-- |
|
|
Public Employment (Consequential and Transitional) Amendment Act 1999 |
146, 1999 |
11 Nov 1999 |
Schedule 1 (item 732): 5 Dec 1999 (see Gazette 1999, No. S584) (g) |
-- |
|
A New Tax System (Indirect Tax and Consequential Amendments) Act (No. 2) 1999 |
177, 1999 |
22 Dec 1999 |
Schedule 8 (items 7-18) (h) |
-- |
|
179, 1999 |
22 Dec 1999 |
Schedule 2 (items 48-58): (i) |
-- |
|
|
44, 2000 |
3 May 2000 |
Schedule 3 (items 39, 40): 1 July 2000 (j) |
Sch. 3 (items 40, 42, 44) [see Table A] |
|
|
66, 2000 |
22 June 2000 |
Schedule 6: Royal Assent (k) |
Sch. 6 (item 3) [see Table A] |
|
|
91, 2000 |
30 June 2000 |
Schedule 2 (items 54-56): (l) |
-- |
|
|
Corporations (Repeals, Consequentials and Transitionals) Act 2001 |
55, 2001 |
28 June 2001 |
Ss. 4-14 and Schedule 3 (items 413-415): 15 July 2001 (see Gazette 2001, No. S285) (m) |
|
|
Treasury Legislation Amendment (Application of Criminal Code) Act (No. 2) 2001 |
146, 2001 |
1 Oct 2001 |
S. 4 and Schedule 4 (items 102-115): 15 Dec 2001 (n) |
S. 4 [see Table A] |
|
169, 2001 |
1 Oct 2001 |
Schedule 1 (items 1-9): 1 Apr 2002 (o) |
Sch. 1 (item 15) [see Table A] |
|
|
101, 2003 |
14 Oct 2003 |
Schedule 5: Royal Assent |
-- |
|
|
Greater Sunrise Unitisation Agreement Implementation Act 2004 |
47, 2004 |
21 Apr 2004 |
Schedule 2 (items 1-18): 7 Feb 2007 |
-- |
|
80, 2004 |
23 June 2004 |
Schedule 1 (items 198, 212, 213, 215): 1 Dec 2004 (see Gazette 2004, No. GN34) |
Sch. 1 (items 212, 213, 215) [see Table A] |
|
|
Tax Laws Amendment (2004 Measures No. 7) Act 2005 |
41, 2005 |
1 Apr 2005 |
Schedule 5 and Schedule 10 (items 225-230): Royal Assent |
Sch. 5 (item 17) and Sch. 10 (item 230) [see Table A] |
|
Offshore Petroleum (Repeals and Consequential Amendments) Act 2006 |
17, 2006 |
29 Mar 2006 |
Schedule 2 (items 73-96): 1 July 2008 (see s. 2(1) and F2008L02273) |
Sch. 2 (item 96) |
|
as amended by |
|
|
|
|
|
Offshore Petroleum Amendment (Greenhouse Gas Storage) Act 2008 |
117, 2008 |
21 Nov 2008 |
Schedule 3 (item 31AB) and Schedule 4 (item 5): (see 117, 2008 below) |
-- |
|
78, 2006 |
30 June 2006 |
Schedule 3 (item 3): (p) |
Sch. 1 (item 12), Sch. 2 (items 3, 4), Sch. 3
(item 9), Sch. 4 (item 38) and Sch. 5 (item 23) |
|
|
Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 |
101, 2006 |
14 Sept 2006 |
Schedule 2 (items 1017, 1041-1043) and Schedule 6 (items 1, 6-11): Royal Assent |
Sch. 6 (items 1, |
|
8, 2007 |
15 Mar 2007 |
Schedule 4 (item 22): Royal Assent |
-- |
|
|
49, 2007 |
10 Apr 2007 |
Schedule 1 (items 88-94, 97): (q) |
Sch. 1 (item 97) (am. by 117, 2008, Sch. 3 [item 31AA]) [see Table A] |
|
|
as amended by |
|
|
|
|
|
Offshore Petroleum Amendment (Greenhouse Gas Storage) Act 2008 |
117, 2008 |
21 Nov 2008 |
Schedule 3 (item 31AA): (see 117, 2008 below) |
-- |
|
Offshore Petroleum Amendment (Greenhouse Gas Storage) Act 2008 |
117, 2008 |
21 Nov 2008 |
Schedule 2 (items 59-65): (r) |
-- |
|
Tax Laws Amendment (2009 Measures No. 3) Act 2009 |
47, 2009 |
24 June 2009 |
Schedule 3 (items 1-20): 1 July 2009 |
Sch. 3 (items 20, 36) [see Table A] |
|
Tax Laws Amendment (2009 Measures No. 4) Act 2009 |
88, 2009 |
18 Sept 2009 |
Schedule 5 (items 209-230): Royal Assent |
-- |
|
Offshore Petroleum and Greenhouse Gas Storage Legislation Amendment Act 2009 |
102, 2009 |
8 Oct 2009 |
Schedule 1 (item 68): 9 Oct 2009 |
-- |
(a) The Petroleum Resource Rent Tax Assessment Act 1987 was amended by subsection 29(1) only of the Taxation Laws Amendment (Tax File Numbers) Act 1988, subsection 2(1) of which provides as follows:
(1) Subject to subsection (2), this Act commences on the day on which the Privacy Act 1988 commences.
(b) The Petroleum Resource Rent Tax Assessment Act 1987 was amended by sections 113, 123 and 124 only of the Taxation Laws Amendment Act (No. 3) 1991, subsections 2(1) and (10) of which provide as follows:
(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.
(10) Subject to subsection (11), sections 112 to 117 (inclusive) commence on a day to be fixed by Proclamation.
(c) The Petroleum Resource Rent Tax Assessment Act 1987 was amended by Part 5 (sections 113-120) only of the Taxation Laws Amendment Act (No. 5) 1992, subsection 2(3) of which provides as follows:
(3) Part 5 is taken to have commenced on 1 July 1991.
(d) The Petroleum Resource Rent Tax Assessment Act 1987 was amended by sections 125-133 only of the Taxation Laws Amendment Act (No. 3) 1993, subsections 2(1)-(3) of which provide as follows:
(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.
(2) Sections 125, 132 and 133 are taken to have commenced on 1 July 1991.
(3) Sections 129 and 131 are taken to have commenced on 1 July 1993.
(e) The Petroleum Resource Rent Tax Assessment Act 1987 was amended by Schedule 1 (items 281-296) only of the Taxation Laws Amendment Act (No. 3) 1999, subsection 2(3) of which provides as follows:
(3) Subject to subsections (4) and (5), Schedule 1 commences on 1 July 1999.
(f) The Petroleum Resource Rent Tax Assessment Act 1987 was amended by Schedule 7 (items 123-125) only of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999, subsections 3(2)(e) and (16) of which provide as follows:
(2) The following provisions commence on the transfer date:
(e) subject to subsection (12), Schedule 7, other than items 43, 44, 118, 205 and 207 (the commencement of those items is covered by subsections (10), (11) and (13)).
(16) The Governor‑General may, by Proclamation published in the Gazette, specify the date that is to be the transfer date for the purposes of this Act.
(g) The Petroleum Resource Rent Tax Assessment Act 1987 was amended by Schedule 1 (item 732) only of the Public Employment (Consequential and Transitional) Amendment Act 1999, subsections 2(1) and (2) of which provide as follows:
(1) In this Act, commencing time means the time when the Public Service Act 1999 commences.
(2) Subject to this section, this Act commences at the commencing time.
(h) The Petroleum Resource Rent Tax Assessment Act 1987 was amended by Schedule 8 (items 7-18) only of the A New Tax System (Indirect Tax and Consequential Amendments) Act (No. 2) 1999, subsection 2(9) of which provides as follows:
(9) Schedules 7 and 8 (other than items 1 to 6 of Schedule 8) commence immediately after the commencement of the A New Tax System (Goods and Services Tax) Act 1999.
The A New Tax System (Goods and Services Tax) Act 1999 commenced on 1 July 2000.
(i) The Petroleum Resource Rent Tax Assessment Act 1987 was amended by Schedule 2 (items 48-58) only of the A New Tax System (Tax Administration) Act 1999, subsection 2(1) of which provides as follows:
(1) Subject to this section, this Act commences, or is taken to have commenced, immediately after the commencement of section 1 of the A New Tax System (Pay As You Go) Act 1999.
Section 1 of the A New Tax System (Pay As You Go) Act 1999 commenced on 22 December 1999.
(j) The Petroleum Resource Rent Tax Assessment Act 1987 was amended by Schedule 3 (items 39, 41, 43 and 45) only of the A New Tax System (Tax Administration) Act (No. 1) 2000, subsections 2(1) and (9) of which provide as follows:
(1) Subject to this section, this Act commences, or is taken to have commenced, immediately after the commencement of section 1 of the A New Tax System (Tax Administration) Act 1999.
Section 1 commenced on 22 December 1999.
(9) Items 39, 40, 52, 53, 73 and 74 of Schedule 3 commence, or are taken to have commenced, on 1 July 2000.
(k) The Petroleum Resource Rent Tax Assessment Act 1987 was amended by Schedule 6 only of the Taxation Laws Amendment Act (No. 3) 2000, subsection 2(1) of which provides as follows:
(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.
(l) The Petroleum Resource Rent Tax Assessment Act 1987 was amended by Schedule 2 (items 54-56) only of the A New Tax System (Tax Administration) Act (No. 2) 2000, subsection 3(1) of which provides as follows:
(1) Subject to this section, this Act commences, or is taken to have commenced, immediately after the commencement of section 1‑1 of the A New Tax System (Goods and Services Tax) Act 1999.
Section 1‑1 of the A New Tax System (Goods and Services Tax) Act 1999 commenced on 1 July 2000.
(m) The Petroleum Resource Rent Tax Assessment Act 1987 was amended by Schedule 3 (items 413-415) only of the Corporations (Repeals, Consequentials and Transitionals) Act 2001, subsection 2(3) of which provides as follows:
(3) Subject to subsections (4) to (10), Schedule 3 commences, or is taken to have commenced, at the same time as the Corporations Act 2001.
(n) The Petroleum Resource Rent Tax Assessment Act 1987 was amended by Schedule 4 (items 102-115) only of the Treasury Legislation Amendment (Application of Criminal Code) Act (No. 2) 2001, subsection 2(1) of which provides as follows:
(1) Subject to this section, this Act commences on the day mentioned in subsection 2.2(2) of the Criminal Code.
(o) The Petroleum Resource Rent Tax Assessment Act 1987 was amended by Schedule 1 (items 1-12) only of the Taxation Laws Amendment Act (No. 6) 2001, subsections 2(1) and (3) of which provide as follows:
(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.
(3) If Part 1 of Schedule 1 does not commence under subsection (2) within the period of 6 months beginning on the day on which this Act receives the Royal Assent, it commences on the first day after the end of that period.
(p) Subsection 2(1) (items 4, 7, 9 and 11) of the Petroleum Resource Rent Tax Assessment Amendment Act 2006 provides as follows:
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
|
Commencement information |
||
|
Column 1 |
Column 2 |
Column 3 |
|
Provision(s) |
Commencement |
Date/Details |
|
4. Schedule 3, item 3 |
Immediately after the commencement of Chapter 2 of the Offshore Petroleum Act 2006. |
1 July 2008 |
|
7. Schedule 4, item 5 |
Immediately after the commencement of the provisions covered by table item 11. |
1 July 2006 |
|
9. Schedule 4, item 8 |
Immediately after the commencement of the provisions covered by table item 11. |
1 July 2006 |
|
11. Schedule 5 |
1 July 2006 . |
1 July 2006 |
(q) Subsection 2(1) (item 2) of the Offshore Petroleum Amendment (Greater Sunrise) Act 2007 provides as follows:
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
|
Provision(s) |
Commencement |
Date/Details |
|
2. Schedule 1 |
Immediately after the commencement of section 3 of the Offshore Petroleum Act 2006. |
1 July 2008 |
(r) Subsection 2(1) (items 2-4 and 6) of the Offshore Petroleum Amendment (Greenhouse Gas Storage) Act 2008 provides as follows:
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
|
Provision(s) |
Commencement |
Date/Details |
|
2. Schedule 1 |
The day after this Act receives the Royal Assent. |
22 November 2008 |
|
3. Schedule 2 |
Immediately after the commencement of the provision(s) covered by table item 2. |
22 November 2008 |
|
4. Schedule 3 |
The day after this Act receives the Royal Assent. |
22 November 2008 |
|
6. Schedule 4, Part 2 |
Immediately after the commencement of the provision(s) covered by table item 4. |
22 November 2008 |
Table of Amendments
|
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted |
|
|
Provision affected |
How affected |
|
Part I |
|
|
S. 1A .................................. |
ad. No. 146, 2001 |
|
Part II |
|
|
S. 2 ..................................... |
am. Nos. 80 and 216, 1991; No. 210, 1992; Nos. 11, 146 and 177, 1999; Nos. 55 and 169, 2001; No. 101, 2003; No. 47, 2004; No. 41, 2005; Nos. 17 and 78, 2006; Nos. 8 and 49, 2007; No. 117, 2008; Nos. 47, 88 and 102, 2009 |
|
S. 2A .................................. |
ad. No. 80, 1991 |
|
Heading to s. 2B.................. |
am. No. 47, 2009 |
|
Subhead. to s. 2B(1)........... |
ad. No. 47, 2009 |
|
Subhead. to s. 2B(5)........... |
ad. No. 47, 2009 |
|
S. 2B .................................. |
ad. No. 80, 1991 |
|
|
am. No. 55, 2001; No. 78, 2006; No. 47, 2009 |
|
S. 2BA................................. |
ad. No. 47, 2009 |
|
ad. No. 47, 2004 |
|
|
|
am. No. 49, 2007; No. 117, 2008 |
|
ad. No. 78, 2006 |
|
|
am. No. 17, 2006; No. 117, 2008 |
|
|
S. 4 ..................................... |
am. No. 80, 1991 |
|
Subhead. to s. 5(1)............. |
ad. No. 47, 2009 |
|
am. No. 101, 2006; No. 47, 2009 |
|
|
rs. No. 47, 2009 |
|
|
Part III |
|
|
S. 17 ................................... |
am. No. 97, 1988; No. 146, 2001; No. 78, 2006 |
|
Note to s. 17(5)................... |
ad. No. 146, 2001 |
|
am. No. 88, 2009 |
|
|
Part IV |
|
|
S. 19 ................................... |
am. No. 80, 1991; No. 101, 2003; No. 47, 2009 |
|
am. No. 88, 2009 |
|
|
Part V |
|
|
Division 1 |
|
|
S. 22 ................................... |
rs. No. 80, 1991 |
|
|
am. No. 47, 2004 |
|
Division 2 |
|
|
ad. No. 177, 1999 |
|
|
am. No. 101, 2003; No. 47, 2004; No. 49, 2007; No. 117, 2008 |
|
|
S. 24 ................................... |
am. No. 169, 2001; No. 101, 2003; No. 78, 2006 |
|
ad. No. 101, 2003 |
|
|
|
am. No. 47, 2009 |
|
S. 26 ................................... |
am. No. 169, 2001 |
|
am. No. 78, 2006 |
|
|
S. 31 ................................... |
am. No. 80, 1991 |
|
S. 31A ................................ |
ad. No. 80, 1991 |
|
Division 3 |
|
|
ad. No. 177, 1999 |
|
|
am. No. 80, 1991 |
|
|
S. 34A ................................ |
ad. No. 80, 1991 |
|
|
am. No. 169, 2001; No. 17, 2006; No. 117, 2008 |
|
S. 35 ................................... |
am. No. 80, 1991 |
|
ad. No. 80, 1991 |
|
|
S. 36 ................................... |
am. No. 80, 1991 |
|
S. 36A ................................ |
ad. No. 41, 2005 |
|
|
am. No. 17, 2006 |
|
Heading to s. 36B................ |
am. No. 47, 2009 |
|
S. 36B ................................ |
ad. No. 41, 2005 |
|
|
am. No. 17, 2006; No. 117, 2008; Nos. 47 and 88, 2009 |
|
ad. No. 41, 2005 |
|
|
am. No. 101, 2003; No. 47, 2009 |
|
|
am. No. 78, 2006 |
|
|
am. No. 80, 2004 |
|
|
am. No. 101, 2003; No. 47, 2009 |
|
|
am. No. 39, 1997; No. 177, 1999; No. 78, 2006 |
|
|
S. 45 ................................... |
rs. No. 80, 1991 |
|
Division 3A |
|
|
Div. 3A of Part V ................ |
ad. No. 80, 1991 |
|
ad. No. 80, 1991 |
|
|
|
am. No. 118, 1993; No. 146, 2001; No. 41, 2005; No. 78, 2006 |
|
S. 45C ................................ |
ad. No. 80, 1991 |
|
|
am. No. 41, 2005 |
|
S. 45D ................................ |
ad. No. 80, 1991 |
|
ad. No. 78, 2006 |
|
|
Division 4 |
|
|
am. No. 47, 2004; No. 47, 2009 |
|
|
Division 5 |
|
|
S. 48 ................................... |
am. No. 224, 1992; No. 66, 2000; No. 78, 2006 |
|
S. 48A ................................ |
ad. No. 118, 1993 |
|
|
am. No. 78, 2006 |
|
Division 6 |
|
|
Subdivision A |
|
|
S. 53 ................................... |
am. No. 216, 1991 |
|
S. 54.................................... |
rep. No. 78, 2006 |
|
S. 55 ................................... |
am. No. 22, 1995 |
|
Subdivision B |
|
|
S. 57 ................................... |
am. No. 169, 2001 |
|
Division 7 |
|
|
Div. 7 of Part V.................... |
ad. No. 47, 2009 |
|
Ss. 58A-58H....................... |
ad. No. 47, 2009 |
|
Ss. 58J-58M....................... |
ad. No. 47, 2009 |
|
Part VI |
|
|
Division 1 |
|
|
S. 59 ................................... |
am. No. 118, 1993; No. 41, 2005; No. 78, 2006 |
|
Notes 1, 2 to s. 59............... |
ad. No. 78, 2006 |
|
am. No. 78, 2006 |
|
|
Note to s. 60........................ |
ad. No. 78, 2006 |
|
Division 2 |
|
|
Div. 2 of Part VI................... |
rs. No. 78, 2006 |
|
am. No 146, 2001 |
|
|
|
rs. No. 78, 2006 |
|
rs. No. 78, 2006 |
|
|
S. 64 ................................... |
am. No. 80, 1991 |
|
|
rs. No. 78, 2006 |
|
Heading to s. 65.................. |
am. No. 11, 1999 |
|
|
rs. No. 78, 2006 |
|
S. 65 ................................... |
am. No. 216, 1991; No. 181, 1994; No. 11, 1999; No. 44, 2000 |
|
|
rs. No. 78, 2006 |
|
Note to s. 65(1)................... |
ad. No. 11, 1999 |
|
|
rep. No. 78, 2006 |
|
ad. No. 78, 2006 |
|
|
Division 3 |
|
|
Div. 3 of Part VI................... |
ad. No. 78, 2006 |
|
rs. No. 78, 2006 |
|
|
S. 69A ................................ |
ad. No. 216, 1991 |
|
|
rep. No. 78, 2006 |
|
rep. No. 216, 1991 |
|
|
|
ad. No. 78, 2006 |
|
Part VII ................................ |
rep. No. 216, 1991 |
|
Ss. 73-81 ........................... |
rep. No. 216, 1991 |
|
Part VIII |
|
|
Division 1 |
|
|
rs. No. 78, 2006 |
|
|
ad. No. 179, 1999 |
|
|
|
rep. No. 78, 2006 |
|
Ss. 83, 84............................ |
rep. No. 179, 1999 |
|
Heading to s. 85.................. |
am. No. 78, 2006 |
|
rs. No. 11, 1999 |
|
|
|
am. No. 78, 2006 |
|
Note to s. 85(1)................... |
am. No. 101, 2006 |
|
Ss. 86, 87............................ |
rep. No. 179, 1999 |
|
S. 88 ................................... |
am. No. 60, 1990; Nos. 92 and 118, 1992 |
|
|
rep. No. 179, 1999 |
|
S. 89.................................... |
rep. No. 179, 1999 |
|
S. 90 ................................... |
am. No. 216, 1991 |
|
|
rep. No. 179, 1999 |
|
S. 91.................................... |
am. No. 44, 1999 |
|
|
rep. No. 179, 1999 |
|
am. No. 78, 2006 |
|
|
Division 2 |
|
|
am. No. 44, 2000 |
|
|
Note to s. 95........................ |
ad. No. 44, 2000 |
|
S. 97 ................................... |
am. No. 80, 1991; No. 169, 2001; No. 78, 2006 |
|
Note to s. 97(1A)................ |
ad. No. 78, 2006 |
|
S. 98 ................................... |
am. No. 41, 2005 |
|
ad. No. 78, 2006 |
|
|
Part IX |
|
|
ad. No. 91, 2000 |
|
|
Part X |
|
|
S. 106 ................................. |
am. No. 216, 1991; No. 78, 2006 |
|
S. 106A .............................. |
ad. No. 169, 2001 |
|
am. No 91, 2000 |
|
|
am. No. 88, 2009 |
|
|
am. No. 78, 2006 |
|
|
Ss. 110, 111........................ |
rep. No. 179, 1999 |
|
am. No. 91, 2000; No. 146, 2001 |
|
|
Note to s. 112(3)................. |
ad. No. 146, 2001 |
|
Note to s. 112(4)................. |
ad. No. 146, 2001 |
|
am. No. 78, 2006 |
|
|
Schedule |
|
|
Schedule ............................ |
ad. No. 80, 1991 |
|
|
am. No. 224, 1992; No. 118, 1993; No. 169, 2001; No. 47, 2004; No. 41, 2005; Nos. 17 and 78, 2006; No. 117, 2008 |
Table A
Application, saving or transitional provisions
A New Tax System (Tax Administration) Act (No. 1) 2000 (No. 44, 2000)
Schedule 3
40 Saving
Despite the repeal of subsection 65(5) of the Petroleum Resource Rent Tax Assessment Act 1987 by item 39, that subsection continues to have effect in relation to an exercise of the Commissioner's power under section 84 of that Act before 1 July 2000.
42 Saving
A reference to section 83, 84, 86, 88, 89, 110 or 111 of the Petroleum Resource Rent Tax Assessment Act 1987 (the PRRTA Act) in an item in Part 3 of Schedule 2 to the A New Tax System (Tax Administration) Act 1999 includes a reference to that section as it had effect, before its repeal, because of subsection 65(12) of the PRRTA Act.
44 Saving
A reference to section 84, 86, 110 or 111 of the Petroleum Resource Rent Tax Assessment Act 1987 (the PRRTA Act) in an item in Part 3 of Schedule 2 to the A New Tax System (Tax Administration) Act 1999 includes a reference to that section as it had effect, before its repeal, because of subsection 93(1) of the PRRTA Act.
Taxation Laws Amendment Act (No 3) 2000 (No. 66, 2000)
Schedule 6
3 Application
The amendments made by this Schedule apply to transactions entered into after this Schedule commences.
Treasury Legislation Amendment (Application of Criminal Code) Act (No. 2) 2001 (No. 146, 2001)
(1) Each amendment made by this Act applies to acts and omissions that take place after the amendment commences.
(2) For the purposes of this section, if an act or omission is alleged to have taken place between 2 dates, one before and one on or after the day on which a particular amendment commences, the act or omission is alleged to have taken place before the amendment commences.
Taxation Laws Amendment Act (No. 6) 2001 (No. 169, 2001)
Schedule 1
15 Application
The amendments made by this Part apply to projects in respect of which an application was made under section 39A, 40 or 40A of the Petroleum (Submerged Lands) Act 1967 after 23 December 1998.
Bankruptcy Legislation Amendment Act 2004 (No. 80, 2004)
Schedule 1
212 Transitional--pre‑commencement deeds and compositions
(1) For the purposes of this item, if a deed of assignment or a deed of arrangement was executed by a debtor and a trustee under Part X of the Bankruptcy Act 1966 before the commencement of this item, the deed is a pre‑commencement deed.
(2) For the purposes of this item, if a composition was accepted before the commencement of this item by a special resolution of a meeting of creditors under section 204 of the Bankruptcy Act 1966, the composition is a pre‑commencement composition.
(3) Despite the repeals and amendments made by Parts 1 and 2 of this Schedule:
(a) the Bankruptcy Act 1966 and regulations under that Act; and
(b) the Acts amended by Part 2 of this Schedule;
continue to apply, in relation to:
(c) a pre‑commencement deed; and
(d) a pre‑commencement composition; and
(e) any matter connected with, or arising out of:
(i) a pre‑commencement deed; or
(ii) a pre‑commencement composition;
as if those repeals had not happened and those amendments had not been made.
213 Transitional--pre‑commencement authorities
(1) For the purposes of this item, if:
(a) an authority given by a debtor under section 188 of the Bankruptcy Act 1966 became effective before the commencement of this item; and
(b) as at the commencement of this item, none of the following had happened:
(i) the execution by the debtor and the trustee of a deed of assignment under Part X of the Bankruptcy Act 1966;
(ii) the execution by the debtor and the trustee of a deed of arrangement under Part X of the Bankruptcy Act 1966;
(iii) the acceptance of a composition by a special resolution of a meeting of the debtor's creditors under section 204 of the Bankruptcy Act 1966;
the authority is a pre‑commencement authority.
(2) Despite the repeals and amendments made by Parts 1 and 2 of this Schedule:
(a) the Bankruptcy Act 1966 and regulations under that Act; and
(b) the Acts amended by Part 2 of this Schedule;
continue to apply, in relation to:
(c) a pre‑commencement authority; and
(d) the control of the debtor's property following a pre‑commencement authority becoming effective; and
(e) a meeting of the debtor's creditors called under a pre‑commencement authority; and
(f) whichever of the following is applicable:
(i) a deed of assignment executed after the commencement of this item by the debtor and the trustee under Part X of the Bankruptcy Act 1966 in accordance with a special resolution of such a meeting;
(ii) a deed of arrangement executed after the commencement of this item by the debtor and the trustee under Part X of the Bankruptcy Act 1966 in accordance with a special resolution of such a meeting;
(iii) a composition accepted after the commencement of this item by a special resolution of such a meeting; and
(g) any other matter connected with, or arising out of:
(i) a pre‑commencement authority; or
(ii) a deed of assignment mentioned in subparagraph (f)(i); or
(iii) a deed of arrangement mentioned in subparagraph (f)(ii); or
(iv) a composition mentioned in subparagraph (f)(iii);
as if those repeals had not happened and those amendments had not been made.
215 Transitional--regulations
(1) The regulations may make provision for matters of a transitional nature arising from the amendments made by Parts 1 and 2 of this Schedule.
(2) The Governor‑General may make regulations for the purposes of subitem (1).
Tax Laws Amendment (2004 Measures No. 7) Act 2005 (No. 41, 2005)
Schedule 5
17 Application
(1) The amendments made by this Schedule (other than items 5 and 6) apply in respect of any exploration expenditure incurred (whether before or after this Schedule commences) where the eligible exploration or recovery area is a designated frontier area.
(2) The amendments made by items 5 and 6 apply in respect of any objection made (whether before or after that item commences) that has not yet been finally determined or otherwise disposed of.
Schedule 10
230 Transitional
An approval of a form for the purposes of the Petroleum Resource Rent Tax Assessment Act 1987 that was in force immediately before the commencement of this item has effect after that commencement as if it had been done under section 388‑50 in Schedule 1 to the Taxation Administration Act 1953.
Offshore
Petroleum (Repeals and Consequential Amendments) Act 2006
(No. 17, 2006)
Schedule 2
95 Transitional--pre‑commencement events and circumstances
For the purposes of the application of:
(a) the Petroleum Resource Rent Tax Assessment Act 1987 (the PRRTA Act); or
(b) an Act with which the PRRTA Act is incorporated;
to events that occurred, and circumstances that arose, before the commencement of this item:
(c) each of the following definitions in section 2 of the PRRTA Act has effect as if the defined expression included anything that was covered by the definition as in force before the commencement of this item:
(i) the definition of access authority;
(ii) the definition of block;
(iii) the definition of certifying Minister;
(iv) the definition of designated frontier expenditure;
(v) the definition of excluded fee;
(vi) the definition of exploration permit;
(vii) the definition of exploration permit area;
(viii) the definition of holder of a registered interest;
(ix) the definition of petroleum;
(x) the definition of pipeline licence;
(xi) the definition of production licence;
(xii) the definition of production licence area;
(xiii) the definition of registered holder;
(xiv) the definition of retention lease;
(xv) the definition of retention lease area; and
(d) section 3 of the PRRTA Act has effect as if:
(i) a reference in that section to the Offshore Petroleum and Greenhouse Gas Storage Act 2006 included a reference to the repealed Petroleum (Submerged Lands) Act 1967; and
(ii) the reference in that section to Division 3 of Part 1.2 of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 included a reference to section 6A of the repealed Petroleum (Submerged Lands) Act 1967; and
(e) paragraph 34A(1)(a) of the PRRTA Act has effect as if the reference in that paragraph to subsection 258(7) of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 included a reference to subsection 41(3) of the repealed Petroleum (Submerged Lands) Act 1967; and
(f) subsection 36B(1) of the PRRTA Act has effect as if the reference in that subsection to the Offshore Petroleum and Greenhouse Gas Storage Act 2006 included a reference to the repealed Petroleum (Submerged Lands) Act 1967; and
(g) the definition of potential exploration permit area in subsection 36B(6) of the PRRTA Act has effect as if the reference in that definition to Part 2.2 of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 included a reference to Division 2 of Part III of the repealed Petroleum (Submerged Lands) Act 1967; and
(h) the definition of relevant pre‑commencement day in clause 1 of the Schedule to the PRRTA Act has effect as if a reference in that definition to subsection 258(7) of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 included a reference to subsection 41(3) of the repealed Petroleum (Submerged Lands) Act 1967.
96 Transitional--section 36B of the Petroleum Resource Rent Tax Assessment Act 1987
(1) This item applies to an instrument if:
(a) the instrument was in force immediately before the commencement of this item; and
(b) the instrument was made under subsection 36B(1) or (5) of the Petroleum Resource Rent Tax Assessment Act 1987 (the PRRTA Act).
(2) The instrument has effect, after the commencement of this item, as if:
(a) it had been made under the corresponding provision of the PRRTA Act as amended by this Act; and
(b) any requirement imposed by the PRRTA Act (as amended by this Act) in relation to the making of the instrument had been satisfied.
(3) Subitem (2) does not prevent the instrument continuing to have effect for the purposes of the application of:
(a) the PRRTA Act; or
(b) an Act with which the PRRTA Act is incorporated;
to events that occurred, and circumstances that arose, before the commencement of this item.
Petroleum Resource Rent Tax Assessment Amendment Act 2006 (No. 78, 2006)
Schedule 1
12 Application
The amendments made by Part 1 of this Schedule apply only in relation to instalment transfers under the Petroleum Resource Rent Tax Assessment Act 1987 for financial years that start on or after 1 July 2006.
Schedule 2
3 Application--years of tax that start on or after 1 July 2006
The amendments made by Part 1 of this Schedule apply only in relation to instalments and assessments of tax under the Petroleum Resource Rent Tax Assessment Act 1987 for financial years that start on or after 1 July 2006.
4 Application--pre‑1 July 2006 expenditure
(1) Transferable exploration expenditure that was actually incurred before 1 July 2006 may, unless subitem (2), (3) or (4) applies, be transferred in relation to a transfer year that starts on or after 1 July 2006 from one company (the loss company) to another company (the profit company) in relation to a petroleum project (the receiving project) in which the profit company holds (or has held) an interest (the receiving interest).
(2) The expenditure cannot be transferred if new clause 31, or any other provision of the Petroleum Resource Rent Tax Assessment Act 1987 (as amended by this Act), prevents the transfer.
(3) If the starting day for the receiving project was before 1 July 2006, the expenditure cannot be transferred if old clause 31 would have prevented the transfer of the expenditure, in relation to the transfer year starting on 1 July 2005, from the company which actually incurred the expenditure to the company which held the receiving interest at the end of that year.
(4) If the starting day for the receiving project was on or after 1 July 2006, the expenditure cannot be transferred if paragraph 31(1)(a) of the old clause 31, subject to subclauses (2), (2AA), (2AB) and (2A) of that clause, did not, in relation to the transfer year starting on 1 July 2005, apply to the company which actually incurred the expenditure.
(5) If section 41 of the Petroleum Resource Rent Tax Assessment Act 1987 applies to the expenditure, a reference in subitem (3) or (4) to the company which actually incurred the expenditure is taken to be a reference to the company taken under paragraph 41(1)(b) of the Act to have incurred the liability for making the expenditure.
(6) An expression used in this item has the same meaning as in Part 6 of the Schedule to the Petroleum Resource Rent Tax Assessment Act 1987.
(7) In this item:
new clause 31 means clause 31 of the Schedule to the Petroleum Resource Rent Tax Assessment Act 1987, as amended by Part 1 of this Schedule.
old clause 31 means clause 31 of the Schedule to the Petroleum Resource Rent Tax Assessment Act 1987, as in force immediately before 1 July 2006.
Schedule 3
9 Application
The amendments made by Part 1 of this Schedule apply only in relation to assessments of tax under the Petroleum Resource Rent Tax Assessment Act 1987 for financial years that start on or after 1 July 2006.
Schedule 4
38 Application
The amendments made by Part 1 of this Schedule apply only in relation to returns and assessments of tax, and instalments of tax, under the Petroleum Resource Rent Tax Assessment Act 1987 for financial years that start on or after 1 July 2006.
Schedule 5
23 Application
(1) The amendments made by items 13, 14, 16 and 17 apply only in relation to transactions entered into on or after 1 July 2006.
(2) The other amendments made by this Schedule apply only in relation to returns, assessments, notices and certificates under the Petroleum Resource Rent Tax Assessment Act 1987 in relation to financial years that start on or after 1 July 2006.
Tax Laws Amendment (Repeal of Inoperative Provisions) Act
2006
(No. 101,
2006)
Schedule 6
1 Application of Schedule 1 and 2 amendments
Except as mentioned in items 2 and 3, the repeals and amendments made by Schedules 1 and 2 apply:
(a) so far as they affect assessments--to assessments for the 2006‑07 income year and all later income years; and
(b) otherwise--to acts done or omitted to be done, or states of affairs existing, after the commencement of the repeals and amendments.
6 Object
The object of this Part is to ensure that, despite the repeals and amendments made by this Act, the full legal and administrative consequences of:
(a) any act done or omitted to be done; or
(b) any state of affairs existing; or
(c) any period ending;
before such a repeal or amendment applies, can continue to arise and be carried out, directly or indirectly through an indefinite number of steps, even if some or all of those steps are taken after the repeal or amendment applies.
7 Making and amending assessments, and doing other things, in relation to past matters
Even though an Act is repealed or amended by this Act, the repeal or amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument (within the meaning of the Legislative Instruments Act 2003):
(a) making or amending an assessment (including under a provision that is itself repealed or amended);
(b) exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended);
in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.
Example 1: On 31 July 1999, Greg Ltd lodged its annual return under former section 160ARE of the Income Tax Assessment Act 1936. The return stated that the company had a credit on its franking account and that no franking deficit tax was payable for the 1998‑99 franking year. Under former section 160ARH of that Act, the Commissioner was taken to have made an assessment consistent with the return.
Following an audit undertaken after the repeal of Part IIIAA of that Act, the Commissioner concludes that Greg Ltd fraudulently overfranked dividends it paid during the 1998‑99 franking year, and had a franking account deficit for that franking year. As a result, the Commissioner considers that franking deficit tax and a penalty by way of additional tax are payable.
The Commissioner can amend the assessment under former section 160ARN of that Act, because item 7 of this Schedule disregards the repeal of that section for the purposes of making an assessment in relation to the 1998‑99 franking year. Item 7 will also disregard the repeal of Division 11 of former Part IIIAA to the extent necessary for the Commissioner to assess Greg Ltd's liability to a penalty by way of additional tax.
Despite the repeal of sections 160ARU and 160ARV, item 9 will ensure that the general interest charge will accrue on the unpaid franking deficit tax and penalty until they are paid.
Item 7 will also preserve Greg Ltd's right, under former section 160ART of that Act, to object against the Commissioner's amended assessment (including the penalty), since the objection is the exercise of a right in relation to a franking year that ended before the repeal of Part IIIAA.
Example 2: During the 1997‑98 income year, Duffy Property Ltd withheld amounts from its employees' wages as required by former Divisions 1AAA and 2 of Part VI of the Income Tax Assessment Act 1936. The company failed to notify the Commissioner of those amounts, and failed to remit them to the Commissioner.
Following an audit undertaken after the repeal of those Divisions, the Commissioner discovers that the withheld amounts have not been remitted. The company's records are incomplete and the Commissioner is unable to completely ascertain the extent of its liability for the withheld amounts. Under section 222AGA of that Act, the Commissioner makes an estimate of the liability.
Item 7 will disregard the repeal of section 220AAZA of that Act (which empowered the Commissioner to recover the amount of the estimate). Even though the estimate is made after the repeal, it relates to amounts withheld before the repeal.
8 Saving of provisions about effect of assessments
If a provision or part of a provision that is repealed or amended by this Act deals with the effect of an assessment, the repeal or amendment is disregarded in relation to assessments made, before or after the repeal or amendment applies, in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.
9 Saving of provisions about general interest charge, failure to notify penalty or late reconciliation statement penalty
If:
(a) a provision or part of a provision that is repealed or amended by this Act provides for the payment of:
(i) general interest charge, failure to notify penalty or late reconciliation statement penalty (all within the meaning of the Income Tax Assessment Act 1936); or
(ii) interest under the Taxation (Interest on Overpayments and Early Payments) Act 1983; and
(b) in a particular case, the period in respect of which the charge, penalty or interest is payable (whether under the provision or under the Taxation Administration Act 1953) has not begun, or has begun but not ended, when the provision is repealed or amended;
then, despite the repeal or amendment, the provision or part continues to apply in the particular case until the end of the period.
10 Repeals disregarded for the purposes of dependent provisions
If the operation of a provision (the subject provision) of any Act or legislative instrument (within the meaning of the Legislative Instruments Act 2003) made under any Act depends to any extent on an Act, or a provision of an Act, that is repealed by this Act, the repeal is disregarded so far as it affects the operation of the subject provision.
11 Schedule does not limit operation of section 8 of the Acts Interpretation Act 1901
This Schedule does not limit the operation of section 8 of the Acts Interpretation Act 1901.
Offshore Petroleum Amendment (Greater Sunrise) Act 2007 (No. 49, 2007)
Schedule 1
97 Regulations
(1) The Governor‑General may make regulations in relation to transitional matters arising out of the amendments made by this Act.
(2) The Governor‑General may make regulations making provision (including provision by way of modification or adaptation of any Act) for or in relation to matters consequential on amendments made by this Act.
(3) The Governor‑General may make regulations that:
(a) in the Minister's opinion, are necessary or convenient for giving effect to any provision of the Greater Sunrise unitisation agreement; and
(b) are not inconsistent with any amendment made by this Act.
(4) In this item:
Greater Sunrise unitisation agreement has the same meaning as in the Offshore Petroleum and Greenhouse Gas Storage Act 2006.
Tax Laws Amendment (2009 Measures No. 3) Act 2009 (No. 47, 2009)
Schedule 3
20 Application of amendments
The amendments made by this Part apply in relation to instalments and assessments of tax under the Petroleum Resource Rent Tax Assessment Act 1987 for years of tax that start on or after 1 July 2009.
36 Application of amendments
The amendments made by this Part apply in relation to instalments and assessments of tax under the Petroleum Resource Rent Tax Assessment Act 1987 for years of tax that start on or after 1 July 2008.