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Petroleum Resource Rent Tax Assessment Act 1987

No. 142, 1987

Compilation No. 51

Compilation date: 11 December 2024

                Includes amendments: Act No. 136, 2024

About this compilation

This compilation

This is a compilation of the Petroleum Resource Rent Tax Assessment Act 1987 that shows the text of the law as amended and in force on 11 December 2024 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents
Part I—Preliminary
1 Short title
1A Application of the Criminal Code
Part II—Interpretation
2 Defined terms
2A GDP factor
2B Group companies, subsidiaries, basic company groups and overall company groups
2BA Designated company groups
2C Greater Sunrise apportionments
2D Future closing‑down expenditure
2E Marketable petroleum commodity
3 Petroleum pools
4 Relationship between licences, permits and leases etc.
4A Holding an interest—petroleum project
4B Holding an interest—exploration permit
4C Holding an interest—retention lease
5 Petroleum exploration and recovery in relation to certain areas
6 Termination of use of property in relation to a petroleum project
7 Property installed ready for use
8 Consideration not in cash
9 Amounts credited, reinvested etc. to be taken to be receivable
10 Translation of amounts into Australian currency
11 Residence
12 Partnerships
13 Unincorporated associations
14 Application of Act
Part III—Administration
15 General administration of Act
16 Annual report
Part IV—Petroleum projects
19 Petroleum project
20 Combining of petroleum projects
Part V—Liability to taxation
Division 1—Liability to