Commonwealth Consolidated Acts

PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987 - SECT 36B

             (1)  For the purposes of the definition of designated frontier area , the Minister administering the Offshore Petroleum Act 2006  may designate, in writing, up to (and including) 20% of potential exploration permit areas as frontier areas.

Note:          An amount of exploration expenditure incurred in respect of an area that is specified under this section might be increased by 150% (before the GDP factor or the augmented bond rate is applied to the amount under the Schedule): see section 36C.

             (2)  The Minister must not specify new areas for a calendar year after 2008.

             (3)  The Minister must publish an instrument made under subsection (1) in the Gazette .

             (4)  An instrument made under subsection (1) is not a legislative instrument for the purposes of the Legislative Instruments Act 2003 .

             (5)  The Minister may, by signed instrument, delegate his or her power under subsection (1) to an SES employee or an acting SES employee in the Minister's Department.

Note:          The expressions SES employee and acting SES employee are defined in section 17AA of the Acts Interpretation Act 1901 .

             (6)  In this section:

"potential exploration permit area" means an area or areas constituted by a block or blocks in respect of which applications for exploration permits have been invited, but not yet granted, under Part 2.2 of the Offshore Petroleum Act 2006 .