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

2016-2017-2018-2019

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

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

 

No.      , 2019

 

 

 

 

 

A Bill for an Act to amend the law relating to petroleum resource rent tax, and for related purposes

   

   



Contents

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

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

3............ Schedules............................................................................................ 2

Schedule 1—Reform of the petroleum resource rent tax                               3

Part 1—Uplifts for general expenditure for new projects                           3

Offshore Petroleum and Greenhouse Gas Storage Act 2006                               3

Petroleum Resource Rent Tax Assessment Act 1987                                              3

Part 2—Standard uplift expenditure                                                                      5

Petroleum Resource Rent Tax Assessment Act 1987                                              5

Part 3—Other amendments                                                                                       16

Petroleum Resource Rent Tax Assessment Act 1987                                            16

Schedule 2—Removing onshore projects from the petroleum resource rent tax                 18

Part 1—Amendment of the Petroleum Resource Rent Tax Assessment Act 1987            18

Petroleum Resource Rent Tax Assessment Act 1987                                            18

Part 2—Amendments of other Acts                                                                     28

Excise Tariff Act 1921                                                                                               28

Income Tax Assessment Act 1997                                                                             28

Part 3—Application, transitional and savings provisions                           29

Division 1—Application of amendments to deductible expenditure and assessable receipts            29

Division 2—General application of amendments                                                30

 

 



A Bill for an Act to amend the law relating to petroleum resource rent tax, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (2019 Petroleum Resource Rent Tax Reforms No. 1) Act 2019 .

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

Provisions

Commencement

Date/Details

1.  The whole of this Act

1 July 2019.

1 July 2019

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   Schedules

                   Legislation 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.