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PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987
PART I - PRELIMINARY
SECTION 1 SHORT TITLE
SECTION 1A APPLICATION OF THE CRIMINAL CODE
PART II - INTERPRETATION
SECTION 2 DEFINED TERMS
SECTION 2AA DETERMINATIONS RELATING TO CERTAIN DEFINED TERMS
SECTION 2AB EXCLUSION OF INCIDENTAL RECOVERY OF COAL SEAM GAS
SECTION 2AC EXCLUSION OF INCIDENTAL EXPLORATION ETC. FOR PETROLEUM
SECTION 2A GDP FACTOR
SECTION 2B GROUP COMPANIES, SUBSIDIARIES, BASIC COMPANY GROUPS AND OVERALL COMPANY GROUPS
SECTION 2BA DESIGNATED COMPANY GROUPS
SECTION 2C GREATER SUNRISE APPORTIONMENTS
SECTION 2D FUTURE CLOSING-DOWN EXPENDITURE
SECTION 2E MARKETABLE PETROLEUM COMMODITY
SECTION 3 PETROLEUM POOLS
SECTION 4 RELATIONSHIP BETWEEN LICENCES, PERMITS AND LEASES ETC.
SECTION 4A HOLDING AN INTEREST - PETROLEUM PROJECT
SECTION 4B HOLDING AN INTEREST - EXPLORATION PERMIT
SECTION 4C HOLDING AN INTEREST - RETENTION LEASE
SECTION 5 PETROLEUM EXPLORATION AND RECOVERY IN RELATION TO CERTAIN AREAS
SECTION 6 TERMINATION OF USE OF PROPERTY IN RELATION TO A PETROLEUM PROJECT
SECTION 7 PROPERTY INSTALLED READY FOR USE
SECTION 8 CONSIDERATION NOT IN CASH
SECTION 9 AMOUNTS CREDITED, REINVESTED ETC TO BE TAKEN TO BE RECEIVABLE
SECTION 10 TRANSLATION OF AMOUNTS INTO AUSTRALIAN CURRENCY
SECTION 11 RESIDENCE
SECTION 12 PARTNERSHIPS
SECTION 13 UNINCORPORATED ASSOCIATIONS
SECTION 14 APPLICATION OF ACT
PART III - ADMINISTRATION
SECTION 15 GENERAL ADMINISTRATION OF ACT
SECTION 16 ANNUAL REPORT
SECTION 17 SECRECY
SECTION 18 APPLICATION OF PART IN RELATION TO SECTION 20
PART IV - PETROLEUM PROJECTS
SECTION 19 PETROLEUM PROJECT
SECTION 20 COMBINING OF PETROLEUM PROJECTS
PART V - LIABILITY TO TAXATION
Division 1 - Liability to tax on taxable profit
SECTION 21 LIABILITY TO PAY TAX
SECTION 22 TAXABLE PROFIT
Division 2 - Assessable receipts
SECTION 22B EFFECT OF GST ETC. ON ASSESSABLE RECEIPTS
SECTION 23 ASSESSABLE RECEIPTS
SECTION 24 ASSESSABLE PETROLEUM RECEIPTS
SECTION 24A ASSESSABLE TOLLING RECEIPTS
SECTION 25 ASSESSABLE EXPLORATION RECOVERY RECEIPTS
SECTION 26 AMOUNTS NOTIONALLY DERIVED WHERE NO SALE OF PETROLEUM ETC.
SECTION 27 ASSESSABLE PROPERTY RECEIPTS
SECTION 28 ASSESSABLE MISCELLANEOUS COMPENSATION RECEIPTS
SECTION 29 ASSESSABLE EMPLOYEE AMENITIES RECEIPTS
SECTION 29A ASSESSABLE INCIDENTAL PRODUCTION RECEIPTS
SECTION 30 REDUCTION OF AMOUNT OF ASSESSABLE PROPERTY ETC. RECEIPTS
SECTION 31 TIME OF DERIVATION OF RECEIPTS
SECTION 31A ELIGIBLE REAL EXPENDITURE AND THE BASS STRAIT PROJECT
SECTION 31AA ELIGIBLE REAL EXPENDITURE - ONSHORE PETROLEUM PROJECTS AND THE NORTH WEST SHELF PROJECT
Division 3 - Deductible expenditure
SECTION 31B EFFECT OF INPUT TAX CREDITS ETC. ON DEDUCTIBLE EXPENDITURE
SECTION 32 DEDUCTIBLE EXPENDITURE
SECTION 33 CLASS 1 AUGMENTED BOND RATE GENERAL EXPENDITURE
SECTION 34 CLASS 1 AUGMENTED BOND RATE EXPLORATION EXPENDITURE
SECTION 34A CLASS 2 AUGMENTED BOND RATE GENERAL EXPENDITURE
SECTION 35 CLASS 1 GDP FACTOR EXPENDITURE
SECTION 35A CLASS 2 AUGMENTED BOND RATE EXPLORATION EXPENDITURE
SECTION 35B CLASS 2 GDP FACTOR EXPENDITURE
SECTION 35C RESOURCE TAX EXPENDITURE
SECTION 35D ACQUIRED EXPLORATION EXPENDITURE
SECTION 35E STARTING BASE EXPENDITURE
SECTION 36 CLASS 1 AUGMENTED BOND RATE EXPLORATION AND CLASS 1 GDP FACTOR EXPENDITURES IN RELATION TO PROJECT GROUPS
SECTION 36A DESIGNATED FRONTIER AREAS FOR 2004
SECTION 36B DESIGNATED FRONTIER AREAS FOR 2005 TO 2009
SECTION 36C UPLIFTED FRONTIER EXPENDITURE
SECTION 37 EXPLORATION EXPENDITURE
SECTION 38 GENERAL PROJECT EXPENDITURE
SECTION 39 CLOSING-DOWN EXPENDITURE
SECTION 40 BAD DEBTS
SECTION 41 EFFECT OF PROCURING THE CARRYING ON OF OPERATIONS ETC. BY OTHERS
SECTION 42 EXPENDITURE ON PROPERTY FOR PARTIAL PROJECT USE
SECTION 43 DEFERRED USE OF PROPERTY ON PROJECT ETC.
SECTION 44 EXCLUDED EXPENDITURE
SECTION 45 TIME OF INCURRING OF EXPENDITURE
Division 3A - Transfer of exploration expenditure incurred on or after 1 July 1990
SECTION 45A TRANSFER OF EXPENDITURE - GENERAL
SECTION 45B TRANSFER OF EXPENDITURE - GROUP COMPANIES
SECTION 45C COMMISSIONER'S POWER TO MAKE TRANSFERS OF EXPENDITURE
SECTION 45D EFFECT OF TRANSFER OF EXPENDITURE
SECTION 45E INSTALMENT TRANSFERS AND ANNUAL TRANSFERS
Division 4 - Tax credits
SECTION 46 CREDITS IN RESPECT OF CLOSING-DOWN EXPENDITURE
SECTION 47 APPLICATION OF CREDITS
Division 5 - Effect of certain transactions
SECTION 48 TRANSFER OF ENTIRE ENTITLEMENT TO ASSESSABLE RECEIPTS
SECTION 48A TRANSFER ON OR AFTER 1 JULY 1993 OF PART OF ENTITLEMENT TO ASSESSABLE RECEIPTS
SECTION 49 TRANSFER BEFORE 1 JULY 1984 OF PARTIAL ENTITLEMENT TO ASSESSABLE RECEIPTS
Division 6 - Anti-avoidance
Subdivision A - Arrangements to obtain tax benefits
SECTION 50 ARRANGEMENTS
SECTION 51 TAX BENEFITS
SECTION 52 ARRANGEMENTS TO WHICH SUBDIVISION APPLIES
SECTION 53 CANCELLATION OF TAX BENEFITS ETC.
SECTION 54 AMENDMENT OF ASSESSMENTS
SECTION 55 OPERATION OF SUBDIVISION
Subdivision B - Non-arm's length transactions
SECTION 56 ARM'S LENGTH TRANSACTION
SECTION 57 NON-ARM ' S LENGTH RECEIPTS
SECTION 58 NON-ARM'S LENGTH EXPENDITURE
Division 7 - Functional currency
SECTION 58A OBJECTS OF THIS DIVISION
SECTION 58B PERSON MAY ELECT TO BE BOUND BY THE FUNCTIONAL CURRENCY RULES
SECTION 58C APPLICABLE FOREIGN CURRENCY
SECTION 58D BASIC TRANSLATION RULES
SECTION 58E TRANSLATION RULE - ASSESSABLE RECEIPT
SECTION 58F TRANSLATION RULE - ELIGIBLE REAL EXPENDITURE
SECTION 58G TRANSLATION RULE - TRANSFER OF ENTIRE ENTITLEMENT TO ASSESSABLE RECEIPTS
SECTION 58H TRANSLATION RULE - TRANSFER OF PART OF ENTITLEMENT TO ASSESSABLE RECEIPTS
SECTION 58J TRANSLATION OF TAXABLE PROFIT, OR EXCESS CLOSING-DOWN EXPENDITURE, INTO AUSTRALIAN CURRENCY
SECTION 58K SPECIAL TRANSLATION RULES - EVENTS THAT HAPPENED BEFORE THE CURRENT ELECTION TOOK EFFECT
SECTION 58L WITHDRAWAL OF ELECTION
SECTION 58M SPECIAL TRANSLATION RULES - EVENTS THAT HAPPENED BEFORE THE WITHDRAWAL OF AN ELECTION TOOK EFFECT
Division 8 - Consolidated groups
SECTION 58N CHOICE TO CONSOLIDATE
SECTION 58P SINGLE ENTITY RULE
SECTION 58Q INTERESTS TAKEN TO BE TRANSFERRED TO HEAD COMPANY ETC. ON JOINING
SECTION 58R INTERESTS TAKEN TO BE TRANSFERRED TO LEAVING ENTITY ON LEAVING
SECTION 58RA INTERESTS TAKEN TO BE TRANSFERRED WHEN COMBINED WITH OFFSHORE INTERESTS
SECTION 58S ACQUISITION OF CONSOLIDATED GROUP BY ANOTHER CONSOLIDATED GROUP ETC.
SECTION 58T EFFECT OF CHOICE TO CONTINUE GROUP AFTER SHELF COMPANY BECOMES NEW HEAD COMPANY
SECTION 58U EFFECT OF CHANGE OF HEAD COMPANY OR PROVISIONAL HEAD COMPANY OF A MEC GROUP
SECTION 58V EFFECT OF GROUP CONVERSIONS INVOLVING MEC GROUPS
SECTION 58W SUBSIDIARY MEMBERS THAT ARE TRUSTS
PART VI - RETURNS AND ASSESSMENTS
Division 1 - Returns
SECTION 59 ANNUAL RETURNS
SECTION 60 OTHER RETURNS
Division 2 - Assessments (general)
SECTION 61 MAKING ASSESSMENTS
SECTION 62 SELF-ASSESSMENT
SECTION 63 DEFAULT ASSESSMENTS
SECTION 64 RELIANCE ON INFORMATION IN RETURNS AND STATEMENTS
SECTION 65 VALIDITY OF ASSESSMENTS
SECTION 66 OBJECTIONS TO ASSESSMENTS
Division 3 - Assessments (amendment)
SECTION 67 AMENDMENT OF ASSESSMENTS
SECTION 68 AMENDED ASSESSMENTS TAKEN TO BE ASSESSMENTS
SECTION 69 AMENDING AMENDED ASSESSMENTS
SECTION 69A OBJECTIONS
SECTION 70 EXTENDED PERIODS FOR AMENDMENT - TAXPAYER APPLICATIONS AND PRIVATE RULINGS
SECTION 71 EXTENDED PERIODS FOR AMENDMENT - FEDERAL COURT ORDERS AND TAXPAYER CONSENT
SECTION 72 REFUND OF OVERPAID AMOUNTS
PART VIII - COLLECTION AND RECOVERY OF TAX
Division 1 - General
SECTION 82 WHEN TAX AND SHORTFALL INTEREST CHARGE PAYABLE
SECTION 83 PERSONS LEAVING AUSTRALIA
SECTION 84 EXTENSION OF TIME AND PAYMENT BY INSTALMENTS
SECTION 85 UNPAID TAX AND CHARGES
SECTION 86 RECOVERY OF TAX
SECTION 87 SUBSTITUTED SERVICE
SECTION 88 LIQUIDATORS ETC.
SECTION 89 RECOVERY OF TAX FROM TRUSTEE OF DECEASED PERSON
SECTION 90 WHERE NO ADMINISTRATION OF DECEASED PERSON'S ESTATE
SECTION 91 COMMISSIONER MAY COLLECT TAX FROM PERSON OWING MONEY TO PERSON LIABLE TO TAX
SECTION 92 PERSON IN RECEIPT OR CONTROL OF MONEY OF NON-RESIDENT
Division 2 - Collection by instalments
SECTION 93 INTERPRETATION
SECTION 94 LIABILITY TO PAY INSTALMENTS OF TAX
SECTION 95 WHEN INSTALMENT OF TAX IS PAYABLE
SECTION 96 AMOUNT OF INSTALMENT OF TAX
SECTION 97 NOTIONAL TAX AMOUNT
SECTION 98 INSTALMENT STATEMENT
SECTION 98A INSTALMENT TRANSFER INTEREST CHARGE - LIABILITY
SECTION 98B INSTALMENT TRANSFER INTEREST CHARGE - AMOUNT
SECTION 98C INSTALMENT TRANSFER INTEREST CHARGE - NOTIFICATION AND PAYMENT
SECTION 98D INSTALMENT TRANSFER INTEREST CHARGE - REMISSION
SECTION 99 APPLICATION OF PAYMENTS OF INSTALMENTS OF TAX
SECTION 100 UNPAID INSTALMENTS
PART IX - PENALTY TAX
SECTION 100A PART TO STOP APPLYING
SECTION 101 PENALTY FOR FAILURE TO FURNISH RETURN
SECTION 102 PENALTY FOR FALSE OR MISLEADING STATEMENTS
SECTION 103 PENALTY TAX WHERE ARRANGEMENT TO AVOID TAX
SECTION 104 ASSESSMENT OF ADDITIONAL TAX
PART X - MISCELLANEOUS
SECTION 105 JUDICIAL NOTICE OF SIGNATURE
SECTION 106 EVIDENCE
SECTION 106A REVIEW OF CERTAIN DECISIONS
SECTION 107 ACCESS TO PREMISES ETC.
SECTION 108 RELEVANT AUTHORITY TO OBTAIN INFORMATION AND EVIDENCE
SECTION 108A OFFSHORE INFORMATION NOTICES
SECTION 109 AGENTS AND TRUSTEES
SECTION 110 RECOVERY OF TAX PAID ON BEHALF OF ANOTHER PERSON
SECTION 111 RIGHT OF CONTRIBUTION
SECTION 112 RECORDS TO BE KEPT AND PRESERVED
SECTION 113 SERVICE ON PARTNERSHIPS AND ASSOCIATIONS
SECTION 114 REGULATIONS
SCHEDULE 1 - PROVISIONS RELATING TO INCURRING AND TRANSFER OF EXPLORATION EXPENDITURE ON OR AFTER 1 JULY 1990
PART 1 - INTERPRETATION
1 DEFINED TERMS
2 HOLDING AN INTEREST - PETROLEUM PROJECT
3 HOLDING AN INTEREST - EXPLORATION RIGHT
4 AMOUNTS TO BE WORKED OUT TO NEAREST DOLLAR
PART 1A - SPECIAL RULES RELATING TO THE TRANSFER OF CERTAIN EXPENDITURE
4A CERTAIN GREATER SUNRISE EXPENDITURE IS NOT TRANSFERABLE
4B GREATER SUNRISE TRANSFERABLE EXPLORATION EXPENDITURE MUST BE ADJUSTED
4C CERTAIN ONSHORE OR NORTH WEST SHELF EXPENDITURE IS NOT TRANSFERABLE
PART 2 - CLASS 2 AUGMENTED BOND RATE EXPLORATION EXPENDITURE AND TRANSFERABLE EXPLORATION EXPENDITURE
5 INTERPRETATION
6 MATTERS DEALT WITH IN THIS PART
7 WHAT HAPPENS IF THERE IS NO NOTIONAL TAXABLE PROFIT
8 WHAT HAPPENS IF THERE IS A NOTIONAL TAXABLE PROFIT
PART 3 - CLASS 2 GDP FACTOR EXPENDITURE AND TRANSFERABLE EXPLORATION EXPENDITURE
9 INTERPRETATION
10 MATTERS DEALT WITH IN THIS PART
11 WHAT HAPPENS IF THERE IS NO NOTIONAL TAXABLE PROFIT
12 WHAT HAPPENS IF THERE IS A NOTIONAL TAXABLE PROFIT
PART 4 - TRANSFERABLE EXPLORATION EXPENDITURE NOT INCURRED IN RELATION TO A PROJECT
13 MATTERS DEALT WITH IN THIS PART
14 ASSUMPTIONS ON WHICH AMOUNTS TO BE WORKED OUT
15 NON-TRANSFERABLE EXPENDITURE
16 AMOUNTS TO BE WORKED OUT
17 WHAT HAPPENS IF THE NOTIONAL ASSESSABLE RECEIPTS EQUAL OR EXCEED THE NOTIONAL DEDUCTIBLE EXPENDITURE
18 WHAT HAPPENS IF THE NOTIONAL DEDUCTIBLE EXPENDITURE EXCEEDS THE NOTIONAL ASSESSABLE RECEIPTS
PART 5 - GENERAL RULES RELATING TO TRANSFER OF EXPLORATION EXPENDITURE
19 INTERPRETATION
20 MATTERS DEALT WITH IN THIS PART
21 RULE - MUST BE A NOTIONAL TAXABLE PROFIT IN RELATION TO RECEIVING PROJECT
22 RULE - PERSON MUST HAVE HELD INTERESTS IN RELATION TO TRANSFERRING ENTITY AND RECEIVING PROJECT
23 RULE - TRANSFER TO PROJECT WITH MOST RECENT PRODUCTION LICENCE
24 RULE - RESTRICTION ON TRANSFER OF ABR EXPENDITURE
25 RULE - RESTRICTION ON TRANSFER OF GDP EXPENDITURE
26 RULE - TOTAL TRANSFERRED NOT TO EXCEED NOTIONAL TAXABLE PROFIT
PART 6 - RULES RELATING TO TRANSFER OF EXPLORATION EXPENDITURE BETWEEN GROUP COMPANIES
27 INTERPRETATION
28 SITUATIONS TO WHICH THIS PART APPLIES
29 MATTERS DEALT WITH IN THIS PART
30 RULE - MUST BE A NOTIONAL TAXABLE PROFIT IN RELATION TO PROFIT COMPANY AND RECEIVING PROJECT
31 RULE - CONTINUITY OF INTEREST WITHIN COMPANY GROUP
32 RULE - TRANSFER TO PROJECT WITH MOST RECENT PRODUCTION LICENCE
33 RULE - RESTRICTION ON TRANSFER OF ABR EXPENDITURE
34 RULE - RESTRICTION ON TRANSFER OF GDP EXPENDITURE
35 RULE - TOTAL TRANSFERRED NOT TO EXCEED NOTIONAL TAXABLE PROFIT
PART 7 - COMPOUNDING OF TRANSFERRED AMOUNTS
36 MATTERS DEALT WITH IN THIS PART
37 WHAT HAPPENS IF EXPENDITURE WAS INCURRED IN AN ABR EXPENDITURE YEAR
38 WHAT HAPPENS IF EXPENDITURE WAS INCURRED IN A GDP EXPENDITURE YEAR
SCHEDULE 2 - STARTING BASE FOR ONSHORE PETROLEUM PROJECTS AND THE NORTH WEST SHELF PROJECT
PART 1 - PRELIMINARY
1 OBJECT OF THIS SCHEDULE
2 DEFINITIONS
PART 2 - CHOOSING A VALUATION APPROACH
3 CHOOSING A VALUATION APPROACH
4 RESTRICTION ON SPECIFYING THE BOOK VALUE APPROACH
5 THE VALUATION APPROACH FOR STARTING BASE ASSETS
PART 3 - STARTING BASE AMOUNTS
DIVISION 1 - STARTING BASE AMOUNTS
6 WHEN A PERSON HAS A STARTING BASE AMOUNT
7 THE AMOUNT OF THE STARTING BASE AMOUNT
8 ALTERNATIVE VALUATION METHOD FOR COAL SEAM GAS PROJECTS
9 REDUCING THE STARTING BASE AMOUNT
DIVISION 2 - STARTING BASE ASSETS
10 MEANING OF STARTING BASE ASSET
11 HOLDING A STARTING BASE ASSET
DIVISION 3 - VALUATION OF STARTING BASE ASSETS
12 THE BOOK VALUE OF A STARTING BASE ASSET
13 THE MARKET VALUE OF A STARTING BASE ASSET
14 PARTIAL DISPOSAL OF A STARTING BASE ASSET BEFORE 1 JULY 2012
DIVISION 4 - INTERIM EXPENDITURE
15 MEANING OF INTERIM EXPENDITURE
16 ADJUSTED INTERIM EXPENDITURE AMOUNTS
17 PARTIAL DISPOSAL OF AN ASSET BEFORE 1 JULY 2012
PART 4 - THE LOOK-BACK APPROACH
18 EXPENDITURE INCURRED IN ACQUIRING INTERESTS IN PETROLEUM PROJECTS
19 ACQUIRED EXPLORATION EXPENDITURE AMOUNTS
20 RESTRICTION APPLYING THE LOOK-BACK APPROACH IN CERTAIN CASES
21 CERTAIN RECEIPTS TAKEN TO BE ASSESSABLE RECEIPTS
21A ASSESSABLE PROPERTY RECEIPTS
PART 5 - STARTING BASE RETURNS AND ASSESSMENTS
22 STARTING BASE RETURNS
23 STARTING BASE ASSESSMENTS
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