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Title

Petroleum Resource Rent Tax (Imposition—Excise) Bill 2011

Database

Bills & Legislation

Long Title

a Bill for an Act to impose a tax in respect of the profits of certain petroleum projects, so far as that tax is a duty of excise

Date

02-11-2011 09:58 AM

Source

House of Reps

Parl No.

43

Bill Number

232/11

Bill Type

Government

Portfolio

Treasury

Reps Bill Code

T

Status

Act

System Id

legislation/bills/r4704_first-reps/0000


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Petroleum Resource Rent Tax (Imposition—Excise) Bill 2011

2010-2011

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

Petroleum Resource Rent Tax (Imposition—Excise) Bill 2011

 

No.      , 2011

 

(Treasury)

 

 

 

A Bill for an Act to impose a tax in respect of the profits of certain petroleum projects, so far as that tax is a duty of excise

   

   

   

Contents

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

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

3............ Incorporation....................................................................................... 2

4............ Imposition of tax................................................................................. 2

5............ Rate of tax........................................................................................... 2

6............ Act does not impose a tax on property of a State................................ 2

 

A Bill for an Act to impose a tax in respect of the profits of certain petroleum projects, so far as that tax is a duty of excise

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Petroleum Resource Rent Tax (Imposition—Excise) Act 2011 .

2   Commencement

                   This Act commences on 1 July 2012.

3   Incorporation

                   The Petroleum Resource Rent Tax Assessment Act 1987 is incorporated and is to be read as one with this Act.

4   Imposition of tax

             (1)  Tax is imposed in respect of the taxable profit of a person of a year of tax in relation to a petroleum project.

             (2)  However, this section imposes that tax only so far as it is a duty of excise within the meaning of section 55 of the Constitution.

             (3)  This section applies in relation to the year of tax beginning on 1 July 1986 and later years of tax.

5   Rate of tax

                   The rate of tax in respect of the taxable profit of a person of a year of tax in relation to a petroleum project is 40%.

6   Act does not impose a tax on property of a State

             (1)  This Act does not impose a tax on property of any kind belonging to a State.

             (2)  In this section, property of any kind belonging to a State has the same meaning as in section 114 of the Constitution.