Save Search

Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Petroleum Resource Rent Tax Assessment Amendment Bill 2011

2010-2011-2012

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

 

 

 

 

 

Petroleum Resource Rent Tax Assessment Amendment Bill 2012

 

No.      , 2012

 

 

 

 

 

A Bill for an Act to amend the Petroleum Resource Rent Tax Assessment Act 1987 , and for other purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedule(s)......................................................................................... 3

Schedule 1—Extension to onshore projects etc.                                                   4

Petroleum Resource Rent Tax Assessment Act 1987                                              4

Schedule 2—Assessable receipts                                                                                   15

Part 1—Amendments commencing on 1 July 2012                                      15

Petroleum Resource Rent Tax Assessment Act 1987                                            15

Part 2—Amendments commencing on Proclamation                                  18

Petroleum Resource Rent Tax Assessment Act 1987                                            18

Schedule 3—Deductible expenditure                                                                        19

Petroleum Resource Rent Tax Assessment Act 1987                                            19

Schedule 4—Starting base for onshore petroleum projects and the North West Shelf project 25

Part 1—Main amendments                                                                                        25

Petroleum Resource Rent Tax Assessment Act 1987                                            25

Part 2—Other amendments                                                                                       57

Petroleum Resource Rent Tax Assessment Act 1987                                            57

Schedule 5—Consolidated groups                                                                              64

Part 1—Main amendments                                                                                        64

Petroleum Resource Rent Tax Assessment Act 1987                                            64

Part 2—Other amendments                                                                                       70

Income Tax Assessment Act 1997                                                                             70

Petroleum Resource Rent Tax Assessment Act 1987                                            71

Schedule 6—Other amendments                                                                                  73

Part 1—Amendments related to clean energy package                              73

Petroleum Resource Rent Tax Assessment Act 1987                                            73

Part 2—Amendments related to repeal of an Act                                         74

Petroleum Resource Rent Tax Act 1987                                                                 74

Part 3—Other amendments                                                                                       75

Crimes (Taxation Offences) Act 1980                                                                     75

Excise Tariff Act 1921                                                                                               75

Income Tax Assessment Act 1997                                                                             76

Petroleum Resource Rent Tax Assessment Act 1987                                            76

 



A Bill for an Act to amend the Petroleum Resource Rent Tax Assessment Act 1987 , and for other purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Petroleum Resource Rent Tax Assessment Amendment Act 2012 .

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedule 1, items 1 to 10

1 July 2012.

1 July 2012

3.  Schedule 1, item 11

1 July 2012.

However, the provision(s) do not commence at all if the Tax Laws Amendment (2011 Measures No. 8) Act 2011 receives the Royal Assent on or before 1 July 2012.

 

4.  Schedule 1, items 12 to 24

1 July 2012.

1 July 2012

5.  Schedule 1, item 25

The later of:

(a) the start of 1 July 2012; and

(b) immediately after the commencement of Schedule 2 to the Tax Laws Amendment (2011 Measures No. 8) Act 2011 .

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

 

6.  Schedule 1, items 26 to 46

1 July 2012.

1 July 2012

7.  Schedule 2, Part 1

1 July 2012.

1 July 2012

8.  Schedule 2, Part 2

A single day to be fixed by Proclamation.

However, if the provision(s) do not commence within the period of 6 months beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period.

 

9.  Schedules 3 and 4

1 July 2012.

1 July 2012

10.  Schedule 5, item 1

1 July 2012.

1 July 2012

11.  Schedule 5, items 2 to 5

The later of:

(a) immediately after the commencement of the provision(s) covered by table item 2; and

(b) immediately after the commencement of Schedule 3 to the Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012 .

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

 

12.  Schedule 5, items 6 to 12

1 July 2012.

1 July 2012

13.  Schedule 6, Part 1

The later of:

(a) immediately after the commencement of the provision(s) covered by table item 2; and

(b) immediately after the commencement of section 3 of the Clean Energy Act 2011 .

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

 

14.  Schedule 6, Parts 2 and 3

1 July 2012.

1 July 2012

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedule(s)

                   Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.