Document ID: chunk:federal_register_of_legislation:C2014C00672:clause:7_175
Version: federal_register_of_legislation:C2014C00672
Segment Type: clause
Provision Reference: sch 7 cl 175
Character Range: 136262–137102

175  At the end of Subdivision 18‑A in Schedule 1
Add:

Entitlement to credit: Petroleum resource rent tax

18‑55  Credit—Natural resource payments
 (1) An entity is entitled to a credit in a year of tax (within the meaning of the Petroleum Resource Rent Tax Assessment Act 1987) if:
 (a) one or more *withholding payments covered by section 12‑325 (natural resource payments) from which there are *amounts withheld in respect of *petroleum resource rent tax are made to the entity during the year of tax; and
 (b) an assessment has been made of the petroleum resource rent tax payable, or an assessment has been made that no petroleum resource rent tax is payable, by the entity for the year of tax.
 (2) The amount of the credit is so much of the total of the *amounts withheld as is withheld in respect of *petroleum resource rent tax.