Commonwealth Numbered Acts Commonwealth Numbered ActsPetroleum Resource Rent Tax Assessment Act 1987
1 Subsection 2B(5)
Omit “Subject to subsections (6) and (7), for”, substitute “For”.
2 Subsections 2B(6) and (7)
Repeal the subsections.
3 Subsection 17(3) (penalty)
Omit “$10,000”, substitute “100 penalty units”.
4 Paragraph 24(1)(b)
After “sales gas”, insert “to which paragraph (d) applies”.
5 Paragraph 24(1)(c)
After “sales gas”, insert “to which paragraph (e) applies”.
6 Paragraph 24(1)(d)
Repeal the paragraph, substitute:
(d) where:
(i) any sales gas produced from petroleum from the project becomes or became an excluded commodity by virtue of being sold; and
(ii) the sale is a non‑arm’s length transaction; and
(iii) the regulations apply to the sales gas;
the amount worked out in accordance with the regulations; and
7 Paragraph 24(1)(e)
Omit “any sales gas produced from petroleum from the project”, substitute “the regulations apply to any sales gas produced from petroleum from the project, and that sales gas”.
8 Paragraph 44(h)
Omit “, the Income Tax Assessment Act 1997 or the Fringe Benefits Tax Assessment Act 1986 ”, substitute “or the Income Tax Assessment Act 1997 ”.
9 Paragraph 45A(3)(a)
Omit “42 days”, substitute “60 days”.
10 Subsection 45A(5)
Repeal the subsection, substitute:
(5) A person commits an offence if the person contravenes this section.
Penalty: 20 penalty units.
11 Paragraph 45B(3)(a)
Omit “42 days”, substitute “60 days”.
12 Subsection 45B(5)
Repeal the subsection, substitute:
(5) A person commits an offence if the person contravenes this section.
Penalty: 20 penalty units.
13 At the end of section 48
Add:
(3) The vendor must give written notice of the transaction, in the approved form, to each purchaser before the end of the later of the following days:
(a) the 60th day after entering into the transaction;
(b) the 60th day after the purchasers give consideration for the entitlement and property.
Note: Subdivision 388‑B in Schedule 1 to the Taxation Administration Act 1953 applies to approved forms under this subsection.
14 At the end of section 48A
Add:
Transfer notice to be given to purchasers
(11) The vendor must give written notice of the transaction, in the approved form, to each purchaser before the end of the later of the following days:
(a) the 60th day after the transfer time;
(b) the 60th day after the purchaser gives consideration for the transfer of the part of the entitlement.
Note: Subdivision 388‑B in Schedule 1 to the Taxation Administration Act 1953 applies to approved forms under this subsection.
15 Subsection 59(1)
Omit “42 days”, substitute “60 days”.
16 At the end of section 59
Add:
(3) A return under this section in relation to a petroleum project must be accompanied by a copy of any notice given to the person under subsection 48(3) or 48A(11) in relation to the project:
(a) since the person last gave the Commissioner a return under this section or section 60 in relation to the project; or
(b) if the person has not previously given a return to the Commissioner under this section or section 60 in relation to the project—since the person acquired an entitlement to derive assessable receipts in relation to the project.
17 At the end of section 60
Add:
(3) A return under this section in relation to a petroleum project must be accompanied by a copy of any notice given to the person under subsection 48(3) or 48A(11) in relation to the project:
(a) since the person last gave the Commissioner a return under this section or section 59 in relation to the project; or
(b) if the person has not previously given a return to the Commissioner under this section or section 59 in relation to the project—since the person acquired an entitlement to derive assessable receipts in relation to the project.
18 Subsection 106(2)
Omit “ prima facie ”, substitute “conclusive”.
19 Subsection 106(3)
Omit “or a notice of assessment”, substitute “, a notice of assessment or a notice under section 98C”.
20 After subsection 106(3)
Insert:
(3A) To avoid doubt, subsection (3) applies to a copy or an extract of a document that was given to the Commissioner on a data processing device or by way of electronic transmission, unless the person by whom the original of the document was purportedly authorised can show that the person did not authorise the document.
21 Subsection 106(4)
Omit “of tax or an amount payable by way of an instalment of tax or by way of penalty under section 85 or Part IX,”, substitute “payable under a specified provision of this Act, or an amount of shortfall interest charge payable under the Taxation Administration Act 1953 ,”.
22 Section 114
Omit “$500”, substitute “5 penalty units”.
Part 2 — Application of amendments
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.
Minister’s second reading speech made in—
House of Representatives on 25 May 2006
Senate on 15 June 2006
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(64/06) |