Commonwealth Consolidated Acts

PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987 - SECT 22

             (1)  Where, in relation to a petroleum project and a year of tax, the assessable receipts derived by a person exceed the sum of:

                     (a)  the deductible expenditure incurred by the person; and

                     (b)  the total of the amounts (if any) transferred by the person to the project in relation to the year of tax under section 45A; and

                     (c)  the total of the amounts (if any) transferred by another person to the person in relation to the project and the year of tax under section 45B;

the person is taken for the purposes of this Act to have a taxable profit in relation to the project and the year of tax of an amount equal to the excess.

Note:          because of subsection 45D(2), some transfers of expenditure are taken to be transfers of amounts compounded in accordance with Part 7 of the Schedule.

Allowing for Greater Sunrise apportionments

             (2)  However, if the petroleum project is a Greater Sunrise project, the person is taken for the purposes of this Act to have a taxable profit in relation to the project and the year of tax of an amount worked out using the following formula:

where:

"apportionment percentage figure" has the meaning given by subsection 2C(2).

"initial taxable profit" means the amount of taxable profit worked out under subsection (1) ignoring this subsection.