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Treasury Laws Amendment (2019 Petroleum Resource Rent Tax Reforms No. 1) Bill 2019

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8663

2016-2017-2018-2019

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

Treasury Laws Amendment (2019 Petroleum Resource Rent Tax Reforms No.  1) Bill 2019

 

 

(1)     Page 32 (after line 4), at the end of the Bill, add:

Schedule 3 Notification of deductible expenditure

   

Petroleum Resource Rent Tax Assessment Act 1987

1  After section 113

Insert:

113A   Notification of deductible expenditure to the Commissioner

                   If a person in relation to a petroleum project incurs a deductible expenditure in a financial year, the person must give notice of the expenditure to the Commissioner in the approved form within 30 days after the end of the financial year.

Note 1:       Subdivision 388-B in Schedule 1 to the Taxation Administration Act 1953 contains rules about giving notices in the approved form. Subdivision 286-C in that Schedule provides for an administrative penalty for failure to give notice in the approved form on time.

Note 2:       For the meaning of deductible expenditure, see section 32.

2  Application provision

Section 113A of the Petroleum Resource Rent Tax Assessment Act 1987 , as inserted by this Schedule, applies in relation to the financial year stating on 1 July 2019 and each later financial year.

[notification of deductible expenditure]