Petroleum Resource Rent Tax Act 1987 (Cth)

Petroleum Resource Rent Tax Act 1987

No. 143 of 1987

An Act to impose a tax in respect of the profits of certain petroleum projects

      

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Petroleum Resource Rent Tax Act 1987

No. 143 of 1987

An Act to impose a tax in respect of the profits of certain petroleum projects

[Assented to 18 December 1987]

The Parliament of Australia enacts:

1Short title

 This Act may be cited as the Petroleum Resource Rent Tax Act 1987.

2Commencement

 This Act shall come into operation on the day on which the Petroleum Resource Rent Tax Assessment Act 1987 comes into operation.

3Incorporation

 The Petroleum Resource Rent Tax Assessment Act 1987 is incorporated and shall be read as one with this Act.

4Imposition of tax

 Tax is imposed in respect of the taxable profit of a person of a year of tax in relation to a petroleum project.

5Rate 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%.