Commonwealth Consolidated Acts Commonwealth Consolidated ActsIn this Act, unless the contrary intention appears:
"access authority" has the same meaning as in the Offshore Petroleum Act 2006 .
"acquisition" has the meaning given by section 195-1 of the GST Act.
(a) a person who, for and on behalf of a person out of Australia, has the management or control in Australia of the whole or a part of a business of the second‑mentioned person; and
(b) a person declared by the Commissioner, by notice in writing served on the person, to be an agent or the sole agent of a person for the purposes of this Act.
"annual transfer" has the meaning given by subsection 45E(4).
"applicable commencement date" , in relation to a petroleum project, means:
(a) unless paragraph (b) applies--1 July 1986; or
(b) if the project is the Bass Strait project, or if the Bass Strait project is a pre‑combination project in relation to the project--1 July 1990.
"apportionment percentage figure" has the meaning given by subsection 2C(2).
"approved form" has the meaning given by section 388-50 in Schedule 1 to the Taxation Administration Act 1953 .
Note: Forms previously approved by the Commissioner under this Act continue in effect : see item 230 of Schedule 10 to the Tax Laws Amendment (2004 Measures No. 7) Act 2005 .
(a) the ascertainment of the amount of a person's taxable profit (or that a person has no taxable profit) in relation to a year of tax and a petroleum project, and of the tax payable on that amount (or that no tax is payable); or
(b) the ascertainment of the additional tax payable under a provision of Part IX.
"Australia" , when used in a geographical sense, includes the external Territories.
"Bass Strait exploration permit" means the exploration permit known as VIC/P1.
"Bass Strait project" means the petroleum project referred to in subsection 19(1A).
"block" has the same meaning as in the Offshore Petroleum Act 2006 .
"certifying Minister" means the Minister for the time being administering the Offshore Petroleum Act 2006 .
"combined project" means a petroleum project to which subsection 19(2) applies.
"Commissioner" means the Commissioner of Taxation.
"company" means a body corporate that has a share capital.
"condensate" means a mixture that includes pentane and hexane, where the pentane and hexane comprise more than 50% by weight of the mixture.
"creditable purpose" has the meaning given by section 195-1 of the GST Act.
"current apportionment percentage" has the meaning given by subsection 2C(1).
"decreasing adjustment" has the meaning given by section 195-1 of the GST Act.
"Deputy Commissioner" means a Deputy Commissioner of Taxation.
"designated frontier area" means that block or those blocks that constitute both:
(a) an area or part of an area:
(i) specified in section 36A; or
(ii) specified in an instrument made under subsection 36B(1); and
(b) an exploration permit area.
"designated frontier expenditure" , in relation to a petroleum project and a financial year, means exploration expenditure that is actually incurred:
(a) by a person in that year where the eligible exploration or recovery area in relation to the project is a designated frontier area; and
(b) during the original period of the exploration permit concerned (before the permit is first renewed or ceases to be in force);
other than exploration expenditure that is incurred in evaluating or delineating a petroleum pool (within the meaning of the Offshore Petroleum Act 2006 ) that has been discovered in a designated frontier area.
"eligible production licence" means a production licence other than a production licence that is related to one of the North West Shelf exploration permits.
"eligible real expenditure" means exploration expenditure, general project expenditure or closing-down expenditure.
"employee amenities" means housing, health, educational, recreational, welfare or other similar facilities and services for, or facilities and services involved in the supply of meals to, employees or dependants of employees, not being facilities and services conducted for the purpose of profit-making.
"excluded commodity" means a marketable petroleum commodity that:
(a) has been sold;
(b) after being produced, has been further processed or treated;
(c) has been moved away from the place of its production other than to a storage site adjacent to that place; or
(d) has been moved away from a storage site adjacent to the place of its production.
"excluded fee" means an amount of a kind referred to in paragraph 91(1)(c), subsection 93(5), paragraph 96(1)(c), subsection 150(4) or paragraph 153(1)(c) of the Offshore Petroleum Act 2006 .
"exploration permit" has the same meaning as in the Offshore Petroleum Act 2006 .
"exploration permit area" has the same meaning as in the Offshore Petroleum Act 2006 .
"external petroleum" , in relation to a petroleum project, means petroleum, or constituents of petroleum, recovered from an area or areas other than the production licence area or production licence areas in relation to the project.
"facilities" means land, buildings, plant, equipment and other facilities.
"financial year" means any financial year that commenced or commences on or after 1 July 1979.
"future closing-down expenditure" has the meaning given by section 2D.
"GDP factor" , in relation to a financial year, means the GDP factor for the financial year worked out in accordance with section 2A.
"general interest charge" means the charge worked out under Part IIA of the Taxation Administration Act 1953 .
"Greater Sunrise project" means a petroleum project for the recovery of petroleum from one or more of the Greater Sunrise unit reservoirs.
"Greater Sunrise unit area" has the same meaning as in the Offshore Petroleum Act 2006 .
"Greater Sunrise unit reservoirs" has the same meaning as in the Offshore Petroleum Act 2006 .
"GST" has the meaning given by section 195-1 of the GST Act.
"GST Act" means the A New Tax System (Goods and Services Tax) Act 1999 .
"holder of a registered interest" , in relation to a production licence, means a person holding an interest in the production licence, being an interest created by a dealing in relation to which an entry has been made under subsection 276(3) of the Offshore Petroleum Act 2006 .
"increasing adjustment" has the meaning given by section 195-1 of the GST Act.
"ineligible project" , in relation to a financial year, means a petroleum project that is a pre-combination project by virtue of the issue of a project combination certificate during the financial year.
"infrastructure licence" has the meaning given by section 6 of the Offshore Petroleum Act 2006 .
"input tax credit" has the meaning given by section 195-1 of the GST Act.
"instalment of tax" means an instalment of tax payable under Division 2 of Part VIII.
"instalment percentage" , in relation to an instalment period in a year of tax, means:
(a) in the case of the first instalment period in the year of tax--25%;
(b) in the case of the second instalment period in the year of tax--50%; and
(c) in the case of the third instalment period in the year of tax--75%.
"instalment period" , in relation to an instalment of tax in a year of tax, means the period commencing at the beginning of the year of tax and ending at the end of the month preceding that in which the instalment is due and payable.
"instalment transfer" has the meaning given by subsection 45E(5).
"instalment transfer charge period" has the meaning given by subsection 98A(4).
"instalment transfer excess" has the meaning given by subsection 98A(1).
"instalment transfer interest charge" has the meaning given by subsection 98A(4).
"lease derived production licence" means a production licence that is derived from a retention lease.
"liable person" has the meaning given by subsection 98A(1).
"licensed property" , in relation to a petroleum project, has the meaning given by paragraph 2D(1)(b).
"liquefied petroleum gas" means a mixture that includes propane and butane, where the propane and butane comprise more than 50% by weight of the mixture.
(a) in relation to the financial year commencing on 1 July 1979--0.1066;
(b) in relation to the financial year commencing on 1 July 1980--0.1258;
(c) in relation to the financial year commencing on 1 July 1981--0.1548;
(d) in relation to the financial year commencing on 1 July 1982--0.1443;
(e) in relation to the financial year commencing on 1 July 1983--0.1272;
(f) in relation to the financial year commencing on 1 July 1984--0.1341;
(g) in relation to the financial year commencing on 1 July 1985--0.1365; and
(h) in relation to any subsequent financial year--the average, expressed as a decimal fraction, of the assessed secondary market yields in respect of 10‑year non‑rebate Treasury bonds published by the Reserve Bank during that year or, if no assessed secondary market yield in respect of bonds of that kind was published by the Reserve Bank during the year, the decimal fraction determined by the Treasurer by notice in writing published in the Gazette for the purposes of this definition in relation to the financial year.
"marketable petroleum commodity" means any of the following products produced from petroleum:
(a) stabilised crude oil;
(b) sales gas;
(c) condensate;
(e) ethane;
(f) any other product declared by the regulations to be a marketable petroleum commodity;
not being a product produced from another product of a kind referred to in paragraphs (a) to (f) (inclusive).
"market value" , of a commodity, at a particular time, is its market value reduced by an amount equal to the amount of the input tax credit (if any) to which a person would be entitled if:
(a) the person had acquired the commodity at that time; and
(b) the acquisition had been solely for a creditable purpose.
"North West Shelf exploration permits" means the exploration permits known as WA-1-P and WA-28-P.
"offence against this Act" includes an offence against:
(a) the Crimes Act 1914 ; or
(b) the Taxation Administration Act 1953 ;
relating to this Act.
"officer" means a person appointed or engaged under the Public Service Act 1999 .
"permit derived production licence" means a production licence that is derived from an exploration permit.
"petroleum" has the same meaning as in the Offshore Petroleum Act 2006 .
"petroleum project or project" means a petroleum project within the meaning of subsection 19(1) or (2), and includes the extended meaning given by subsection 19(2B).
"pipeline licence" has the same meaning as in the Offshore Petroleum Act 2006 .
"pre-combination project" , in relation to a combined project, means:
(a) any petroleum project that, immediately before the project combination certificate that gave rise to the combined project came into force, was a petroleum project in relation to any one or more of the eligible production licences specified in the certificate; and
(b) any petroleum project that is a pre‑combination project in relation to another petroleum project that is a pre‑combination project in relation to the combined project under paragraph (a) or this paragraph.
"processing of external petroleum" , in relation to a petroleum project, includes the stabilisation, transportation, storage or recovery of external petroleum in relation to the project.
(a) a production licence within the meaning of the Offshore Petroleum Act 2006 ; or
(b) a lawful authority or right (however described) to undertake activities in the Western Greater Sunrise area for the recovery of petroleum from one or more of the Greater Sunrise unit reservoirs.
"production licence area" means a production licence area within the meaning of the Offshore Petroleum Act 2006 and, in relation to a Greater Sunrise project, includes the Western Greater Sunrise area.
"project combination certificate" means a certificate under section 20.
"registered holder" has the same meaning as in the Offshore Petroleum Act 2006 .
"re-inject" , in relation to a marketable petroleum commodity produced from petroleum recovered from the eligible exploration or recovery area in relation to a petroleum project, means return the commodity to a natural reservoir in:
(a) where the return takes place before any production licence in relation to the project comes into force--any area from which the recovery of petroleum would, at the time of the return, constitute recovery of petroleum from the eligible exploration or recovery area in relation to the project; and
(b) in any other case--the production licence area or any of the production licence areas in relation to the project.
(a) shortfall interest charge, or general interest charge, in relation to tax; or
(b) instalment transfer interest charge in relation to an instalment of tax.
"retention lease" has the same meaning as in the Offshore Petroleum Act 2006 .
"retention lease area" has the same meaning as in the Offshore Petroleum Act 2006 .
"sales gas" means a substance:
(a) which is in a gaseous state when at the temperature of 15°C and a pressure of one atmosphere; and
(b) which consists of naturally occurring hydrocarbons, or a naturally occurring mixture of hydrocarbons and non‑hydrocarbons; and
(c) the principal constituent of which is methane; and
(d) which:
(i) if it is to be used as a feedstock for conversion to another product--has been processed so that it is suitable for that use; or
(ii) in any other case--has been processed so that it is suitable for direct consumption as energy.
"Second Commissioner" means a Second Commissioner of Taxation.
"services" means water, light, power, access, communications or other services.
"shortfall interest charge" means the charge worked out under Division 280 in Schedule 1 to the Taxation Administration Act 1953 .
"tax" means tax imposed by the Petroleum Resource Rent Tax Act 1987 .
(a) the regulations; and
(b) Part IVC of the Taxation Administration Act 1953 , insofar as that Part relates to this Act.
"transferable exploration expenditure" in relation to a person and a financial year, means expenditure that is, according to the Schedule, transferable by the person in relation to the financial year.
Note 1: the following provisions of the Schedule provide for expenditure to be transferable:
paragraph 7(b)
paragraph 8(5)(c)
paragraph 11(b)
paragraph 12(4)(c)
subclause 18(1)
subclause 18(2)
paragraph 18(3)(e).
Note 2: Special rules apply in relation to the transfer of Greater Sunrise exploration expenditure: see Part 1A of the Schedule.
"Tribunal" means the Administrative Appeals Tribunal.
(a) a person appointed or constituted trustee by act of parties, by order or declaration of a court, or by operation of law; or
(b) an executor, administrator or other personal representative of a deceased person; or
(c) a guardian or committee; or
(d) a receiver or receiver and manager; or
(e) a liquidator of a company; or
(ea) an administrator, within the meaning of the Corporations Act 2001 , of a company; or
(eb) an administrator of a deed of company arrangement executed by a company under Part 5.3A of that Act; or
(f) a person:
(i) having or taking upon himself or herself the administration or control of any real or personal property affected by any express or implied trust;
(ii) acting in any fiduciary capacity; or
(iii) having the possession, control or management of any real or personal property of a person under any legal or other disability.
"unincorporated association" does not include a joint venture.
"uplifted frontier expenditure" has the meaning given by section 36C.
"Western Greater Sunrise area" has the same meaning as in the Offshore Petroleum Act 2006 .
"year of tax" , in relation to a person in relation to a petroleum project, means a financial year commencing on or after the applicable commencement date, being:
(a) except in a case to which paragraph (b) applies--the first financial year in which assessable petroleum receipts are derived by the person in relation to the project or a subsequent financial year; or
(b) if the project is a combined project and the person has, in a financial year before the financial year in which the project combination certificate in relation to the project comes into force, derived assessable petroleum receipts in relation to any of the pre‑combination projects in relation to the combined project--the financial year in which the project combination certificate comes into force or a subsequent financial year.
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