| Title | Petroleum Resource Rent Tax (ImpositionâExcise) 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 |
2010â2011
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Petroleum Resource Rent Tax (ImpositionâExcise) 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:
This Act may be cited as the Petroleum Resource Rent Tax (ImpositionâExcise) Act 2011.
This Act commences on 1 July 2012.
The Petroleum Resource Rent Tax Assessment Act 1987 is incorporated and is to be read as one with this Act.
(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.
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.