Commonwealth Consolidated Acts

PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987

TABLE OF PROVISIONS

           Long Title

   PART I--PRELIMINARY

   1.      Short title  
   1A.     Application of the Criminal Code  

   PART II--INTERPRETATION

   2.      Defined terms  
   2A.     GDP factor  
   2B.     Group companies, subsidiaries, basic company groups and overall company groups  
   2BA.    Designated company groups  
   2C.     Greater Sunrise apportionments  
   2D.     Future closing - down expenditure  
   2E.     Marketable petroleum commodity  
   3.      Petroleum pools  
   4.      Relationship between licences, permits and leases etc.  
   4A.     Holding an interest--petroleum project  
   4B.     Holding an interest--exploration permit  
   4C.     Holding an interest--retention lease  
   5.      Petroleum exploration and recovery in relation to certain areas  
   6.      Termination of use of property in relation to a petroleum project  
   7.      Property installed ready for use  
   8.      Consideration not in cash  
   9.      Amounts credited, reinvested etc. to be taken to be receivable  
   10.     Translation of amounts into Australian currency  
   11.     Residence  
   12.     Partnerships  
   13.     Unincorporated associations  
   14.     Application of Act  

   PART III--ADMINISTRATION

   15.     General administration of Act  
   16.     Annual report  

   PART IV--PETROLEUM--PROJECTS

   19.     Petroleum project  
   20.     Combining of petroleum projects  

   PART V--LIABILITY--TO TAXATION

           Division 1--Liability to tax on taxable profit

   21.     Liability to pay tax  
   22.     Taxable profit  

           Division 2--Assessable receipts

   22B.    Effect of GST etc. on assessable receipts  
   23.     Assessable receipts  
   24.     Assessable petroleum receipts  
   24A.    Assessable tolling receipts  
   25.     Assessable exploration recovery receipts  
   26.     Amounts notionally derived where no sale of petroleum etc.  
   27.     Assessable property receipts  
   28.     Assessable miscellaneous compensation receipts  
   29.     Assessable employee amenities receipts  
   29A.    Assessable incidental production receipts  
   30.     Reduction of amount of assessable property etc. receipts  
   31.     Time of derivation of receipts  
   31A.    Eligible real expenditure and the Bass Strait project  
   31AA.   Eligible real expenditure--North West Shelf project  

           Division 3--Deductible expenditure

   31B.    Effect of input tax credits etc. on deductible expenditure  
   32.     Deductible expenditure  
   33.     Class 1 augmented bond rate general expenditure  
   34.     Class 1 augmented bond rate exploration expenditure  
   34A.    Class 2 uplifted general expenditure  
   35.     Class 1 GDP factor expenditure  
   35A.    Class 2 uplifted exploration expenditure  
   35B.    Class 2 GDP factor expenditure  
   35C.    Resource tax expenditure  
   35E.    Starting base expenditure  
   35F.    Augmented denied deductible expenditure  
   36.     Class 1 augmented bond rate exploration and class 1 GDP factor expenditures in relation to project groups  
   36A.    Designated frontier areas for 2004  
   36B.    Designated frontier areas for 2005 to 2009  
   36C.    Uplifted frontier expenditure  
   37.     Exploration expenditure  
   38.     General project expenditure  
   39.     Closing - down expenditure  
   40.     Bad debts  
   41.     Effect of procuring the carrying on of operations etc. by others  
   42.     Expenditure on property for partial project use  
   43.     Deferred use of property on project etc.  
   44.     Excluded expenditure  
   45.     Time of incurring of expenditure  

           Division 3A--Transfer of exploration expenditure incurred on or after 1 July 1990

   45A.    Transfer of expenditure--general  
   45B.    Transfer of expenditure--group companies  
   45C.    Commissioner's power to make transfers of expenditure  
   45D.    Effect of transfer of expenditure  
   45E.    Instalment transfers and annual transfers  

           Division 4--Tax credits

   46.     Credits in respect of closing - down expenditure  
   47.     Application of credits  

           Division 5--Effect of certain transactions

   48.     Transfer of entire entitlement to assessable receipts  
   48A.    Transfer on or after 1 July 1993 of part of entitlement to assessable receipts  
   49.     Transfer before 1 July 1984 of partial entitlement to assessable receipts  

           Division 6--Anti-avoidance

              Subdivision A--Arrangements to obtain tax benefits

   50.     Arrangements  
   51.     Tax benefits  
   51A.    The bases for identifying tax benefits  
   52.     Arrangements to which this Subdivision applies  
   53.     Cancellation of tax benefits etc.  
   55.     Operation of Subdivision  

              Subdivision B--Non-arm's length transactions

   56.     Arm's length transaction  
   57.     Non - arm's length receipts  
   58.     Non - arm's length expenditure  

           Division 7--Functional currency

   58A.    Objects of this Division  
   58B.    Person may elect to be bound by the functional currency rules  
   58C.     Applicable foreign currency  
   58D.    Basic translation rules  
   58E.     Translation rule--assessable receipt  
   58F.    Translation rule--eligible real expenditure  
   58G.    Translation rule--transfer of entire entitlement to assessable receipts  
   58H.    Translation rule--transfer of part of entitlement to assessable receipts  
   58J.    Translation of taxable profit, or excess closing - down expenditure, into Australian currency  
   58K.    Special translation rules--events that happened before the current election took effect  
   58L.    Withdrawal of election  
   58M.    Special translation rules--events that happened before the withdrawal of an election took effect  

   PART VI--RETURNS--AND ASSESSMENTS

           Division 1--Returns

   59.     Annual returns  
   60.     Other returns  

           Division 2--Assessments (general)

   61.     Making assessments  
   62.     Self - assessment  
   63.     Default assessments  
   64.     Reliance on information in returns and statements  
   65.     Validity of assessments  
   66.     Objections to assessments  

           Division 3--Assessments (amendment)

   67.     Amendment of assessments  
   68.     Amended assessments taken to be assessments  
   69.     Amending amended assessments  
   70.     Extended periods for amendment--taxpayer applications and private rulings  
   71.     Extended periods for amendment--Federal Court orders and taxpayer consent  
   72.     Refund of overpaid amounts  

   PART VIII--COLLECTION--AND RECOVERY OF TAX

           Division 1--General

   82.     When tax and shortfall interest charge payable  
   85.     Unpaid tax and charges  
   92.     Person in receipt or control of money of non - resident  

           Division 2--Collection by instalments

   93.     Interpretation  
   94.     Liability to pay instalments of tax  
   95.     When instalment of tax is payable  
   96.     Amount of instalment of tax  
   97.     Notional tax amount  
   98.     Instalment statement  
   98A.    Instalment transfer interest charge--liability  
   98B.    Instalment transfer interest charge--amount  
   98C.    Instalment transfer interest charge--notification and payment  
   98D.    Instalment transfer interest charge--remission  
   99.     Application of payments of instalments of tax  
   100.    Unpaid instalments  

   PART X--MISCELLANEOUS

   106A.   Review of certain decisions  
   109.    Agents and trustees  
   112.    Records to be kept and preserved  
   113.    Service on partnerships and associations  
   114.    Regulations  
           SCHEDULE 1 Provisions relating to incurring and transfer of exploration expenditure on or after 1 July 1990