Commonwealth Numbered Acts Commonwealth Numbered ActsPetroleum Resource Rent Tax Assessment Act 1987
1 Section 2
Insert:
2 Section 2
Insert:
3 Section 2
Insert:
4 Section 2
Insert:
5 Section 2
Insert:
6 Section 2 (definition of production licence )
Repeal the definition, substitute:
(a) a production licence for petroleum under Part III of the
Petroleum (Submerged Lands) Act 1967 ; 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.
7
Section 2 (definition of production licence area )
Repeal the definition, substitute:
8 Section 2 (note at the end of the definition of transferable exploration expenditure )
Omit "Note", substitute "Note 1".
9 Section 2 (at the end of the definition of transferable exploration expenditure )
Add:
10 Section 2
Insert:
11 After section 2B
Insert:
2C Greater Sunrise apportionments
(a) if the current apportionment percentage did not change during the year of
tax—the numerator of the fraction with a denominator of 100 that
represents the current apportionment percentage that applied during that year;
or
(b) if the current apportionment percentage changed during the year of
tax—means the amount worked out using the following formula:
where:
days in tax year means the number of days in the year of tax.
first % figure
, in relation to a year of tax in which the current apportionment percentage
changed, means the numerator of the fraction with a denominator of 100 that
represents the current apportionment percentage applying before the change.
prior days , in relation to a year of tax in which the current apportionment
percentage changed, means the number of days in that year before the current
apportionment percentage changed.
second % figure , in relation to a year of
tax in which the current apportionment percentage changed, means the numerator
of the fraction with a denominator of 100 that represents the current
apportionment percentage applying after the change.
subsequent days , in
relation to a year of tax in which the current apportionment percentage
changed, means the number of days in that year from and including the day on
which the current apportionment percentage changed.
12 At the end of
section 22 (after the note)
Add:
Allowing for Greater Sunrise apportionments
where:
"initial taxable profit" means the amount of taxable profit worked out under subsection (1) ignoring this subsection.
13 Subsection 23(1)
Omit "subsection (2)", substitute "subsections (2) and (3)".
14 At the end of section 23
Add:
15 At the end of section 46
Add:
Greater Sunrise closing-down credits
where:
"initial excess" means the amount that is so much of the excess as does not exceed the amount of the closing-down expenditure under paragraph (1)(a) ignoring this subsection.
16 After Part 1 of the Schedule
Insert:
Part 1A—Special rules relating to the transfer of Greater Sunrise expenditure4A Certain Greater Sunrise expenditure is not transferable
4B Greater Sunrise transferable exploration expenditure must be adjusted
Transfers from a Greater Sunrise project
where:
"apportionment percentage figure "has the meaning given by subsection 2C(2).
Transfers to a Greater Sunrise project
where:
"apportionment percentage figure "has the meaning given by subsection 2C(2).
17 At the end of clause 20 of the Schedule
Add:
18 At the end of clause 29 of the Schedule
Add:
19 At the end of paragraph 16(1)(d)
Add "or 17A".
20 After section 17
Insert:
17A Western Greater Sunrise area
(a) acts, matters and things directly or indirectly connected with exploration
of, or exploitation of the resources of, either or both of the Greater Sunrise
unit reservoirs; and
(b) acts done by or in relation to, and matters, circumstances and things
affecting, any person who is in the Western Greater Sunrise area for a
reason directly or indirectly connected with such exploration or
exploitation.
"Western Greater Sunrise area" has the same meaning as in the Petroleum (Submerged Lands) Act 1967 .