Petroleum Resource Rent Tax Assessment Act 1987 (Cth)

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If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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

An Act about petroleum resource rent tax, and for related purposes

Part IPreliminary 1Short title

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

1AApplication of the Criminal Code

Chapter 2 of the Criminal Code applies to all offences against this Act.
Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Part IIInterpretation 2Defined terms

In this Act, unless the contrary intention appears:
Aboriginal person has the meaning given by subsection 4(1) of the Aboriginal and Torres Strait Islander Act 2005.
access authority means a petroleum access authority within the meaning of the Offshore Petroleum and Greenhouse Gas Storage Act 2006.
accounts includes:
(a)
ledgers; and
(b)
journals; and
(c)
statements of financial performance; and
(d)
profit and loss accounts; and
(e)
balance‑sheets; and
(f)
statements of financial position;
and also includes statements, reports and notes attached to, or intended to be read with, anything covered by any of the above paragraphs.
acquisition has the meaning given by section 195‑1 of the GST Act.
agent includes:
(a)
a person who, for and on behalf of a person out of Australia, has the management or control in Australia of the whole or a part of a business of the second‑mentioned person; and
(b)
a person declared by the Commissioner, by notice in writing served on the person, to be an agent or the sole agent of a person for the purposes of this Act.
annual transfer has the meaning given by subsection 45E(4).
applicable commencement date, in relation to a petroleum project, means:
(a)
unless paragraph (b) or (c) applies—1 July 1986; or
(b)
if the project is the Bass Strait project, or if the Bass Strait project is a pre‑combination project in relation to the project—1 July 1990; or
(c)
if the project is the North West Shelf project—1 July 2012.
applicable foreign currency has the meaning given by section 58C.
apportionment percentage figure:
(a)
in relation to a year of tax—has the meaning given by subsection 2C(2); and
(b)
in relation to any other period—has the meaning given by subsection 2C(3).
approved form has the meaning given by section 388‑50 in Schedule 1 to the Taxation Administration Act 1953.
Note: Forms previously approved by the Commissioner under this Act continue in effect: see item 230 of Schedule 10 to the Tax Laws Amendment (2004 Measures No. 7) Act 2005.
assessment means the ascertainment of the amount of a person’s taxable profit (or that a person has no taxable profit) in relation to a year of tax and a petroleum project, and of the tax payable on that amount (or that no tax is payable).
Australia, when used in a geographical sense, has the same meaning as in the Income Tax Assessment Act 1997.
Australian law has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.
basic company group has the meaning given by section 2B.
Bass Strait exploration permit means the exploration permit known as VIC/P1.
Bass Strait project means the petroleum project referred to in subsection 19(1A).
block has the same meaning as in the Offshore Petroleum and Greenhouse Gas Storage Act 2006.
combined project means a petroleum project to which subsection 19(2) applies.
Commissioner means the Commissioner of Taxation.
company means a body corporate that has a share capital.
condensate means a mixture that includes pentane and hexane, where the pentane and hexane comprise more than 50% by weight of the mixture.
creditable purpose has the meaning given by section 195‑1 of the GST Act.
current apportionment percentage has the meaning given by subsection 2C(1).
decreasing adjustment has the meaning given by section 195‑1 of the GST Act.
Deputy Commissioner means a Deputy Commissioner of Taxation.
designated company group has the meaning given by section 2BA.
designated frontier area means that block or those blocks that constitute both:
(a)
an area or part of an area:
(i)
specified in section 36A; or
(ii)
specified in an instrument made under subsection 36B(1); and
(b)
an exploration permit area.
designated frontier expenditure, in relation to a petroleum project and a financial year, means exploration expenditure that is actually incurred:
(a)
by a person in that year where the eligible exploration or recovery area in relation to the project is a designated frontier area; and
(b)
during the original period of the exploration permit concerned (before the permit is first renewed or ceases to be in force);
other than exploration expenditure that is incurred in evaluating or delineating a petroleum pool (within the meaning of the Offshore Petroleum and Greenhouse Gas Storage Act 2006) that has been discovered in a designated frontier area.
eligible real expenditure means exploration expenditure, general project expenditure, resource tax expenditure, starting base expenditure or closing‑down expenditure.
employee amenities means housing, health, educational, recreational, welfare or other similar facilities and services for, or facilities and services involved in the supply of meals to, employees or dependants of employees, not being facilities and services conducted for the purpose of profit‑making.
excess closing‑down expenditure has the meaning given by paragraph 46(1)(a).
excluded commodity means a marketable petroleum commodity that:
(a)
has been sold;
(b)
after being produced, has been further processed or treated;
(c)
has been moved away from the place of its production other than to a storage site adjacent to that place; or
(d)
has been moved away from a storage site adjacent to the place of its production.
excluded fee means an amount of a kind referred to in paragraph 113(1)(c), subsection 115(5), paragraph 118(1)(c), subsection 178(4) or paragraph 181(1)(c) of the Offshore Petroleum and Greenhouse Gas Storage Act 2006.
exploration permit means a petroleum exploration permit within the meaning of the Offshore Petroleum and Greenhouse Gas Storage Act 2006.
exploration permit area means a petroleum exploration permit area within the meaning of the Offshore Petroleum and Greenhouse Gas Storage Act 2006.
external petroleum, in relation to a petroleum project, means petroleum, or constituents of petroleum, recovered from an area or areas other than the production licence area or production licence areas in relation to the project.
facilities means land, buildings, plant, equipment and other facilities.
financial year means any financial year that commenced or commences on or after 1 July 1979.
foreign currency means a currency other than Australian currency.
future closing‑down expenditure has the meaning given by section 2D.
GDP factor, in relation to a financial year, means the GDP factor for the financial year worked out in accordance with section 2A.
general interest charge means the charge worked out under Part IIA of the Taxation Administration Act 1953.
Greater Sunrise project means a petroleum project for the recovery of petroleum from one or more of the Greater Sunrise unit reservoirs.
Greater Sunrise unit area has the same meaning as in the Offshore Petroleum and Greenhouse Gas Storage Act 2006.
Greater Sunrise unit reservoirs has the same meaning as in the Offshore Petroleum and Greenhouse Gas Storage Act 2006.
group company has the meaning given by section 2B.
GST has the meaning given by section 195‑1 of the GST Act.
GST Act means the A New Tax System (Goods and Services Tax) Act 1999.
head company, of a designated company group, has the meaning given by section 2BA.
holder of a registered interest, in relation to a production licence, means a person holding an interest in the production licence, being an interest created by a dealing in relation to which an entry has been made under subsection 494(3) of the Offshore Petroleum and Greenhouse Gas Storage Act 2006.
increasing adjustment has the meaning given by section 195‑1 of the GST Act.
ineligible project, in relation to a financial year, means a petroleum project that is a pre‑combination project by virtue of the issue of a project combination certificate during the financial year.
infrastructure licence has the meaning given by section 7 of the Offshore Petroleum and Greenhouse Gas Storage Act 2006.
input tax credit has the meaning given by section 195‑1 of the GST Act.
instalment of tax means an instalment of tax payable under Division 2 of Part VIII.
instalment percentage, in relation to an instalment period in a year of tax, means:
(a)
in the case of the first instalment period in the year of tax—25%;
(b)
in the case of the second instalment period in the year of tax—50%; and
(c)
in the case of the third instalment period in the year of tax—75%.
instalment period, in relation to an instalment of tax in a year of tax, means the period commencing at the beginning of the year of tax and ending at the end of the month preceding that in which the instalment is due and payable.
instalment transfer has the meaning given by subsection 45E(5).
instalment transfer charge period has the meaning given by subsection 98A(4).
instalment transfer excess has the meaning given by subsection 98A(1).
instalment transfer interest charge has the meaning given by subsection 98A(4).
internal petroleum, in relation to a petroleum project, means petroleum, or constituents of petroleum, recovered from the production licence area or production licence areas in relation to the project, where:
(a)
the petroleum, or the constituents of petroleum, is, or is to be, recovered or processed:
(i)
by a person entitled to derive assessable receipts in relation to the project; and
(ii)
for or on behalf of another person who is entitled to derive assessable receipts in relation to the project; or
(b)
the petroleum, or the constituents of petroleum, is, or is to be, sold:
(i)
by a person entitled to derive assessable receipts in relation to the project; and
(ii)
to another person who is entitled to derive assessable receipts in relation to the project.
lease derived production licence means a production licence that is derived from a retention lease.
liable person has the meaning given by subsection 98A(1).
licensed property, in relation to a petroleum project, has the meaning given by paragraph 2D(1)(b).
liquefied petroleum gas means a mixture that includes propane and butane, where the propane and butane comprise more than 50% by weight of the mixture.
long‑term bond rate means:
(a)
in relation to the financial year commencing on 1 July 1979—0.1066; and
(b)
in relation to the financial year commencing on 1 July 1980—0.1258; and
(c)
in relation to the financial year commencing on 1 July 1981—0.1548; and
(d)
in relation to the financial year commencing on 1 July 1982—0.1443; and
(e)
in relation to the financial year commencing on 1 July 1983—0.1272; and
(f)
in relation to the financial year commencing on 1 July 1984—0.1341; and
(g)
in relation to the financial year commencing on 1 July 1985—0.1365; and
(h)
in relation to any subsequent financial year that is earlier than the financial year commencing on 1 July 2012—the average, expressed as a decimal fraction, of the assessed secondary market yields in respect of 10‑year non‑rebate Treasury bonds published by the Reserve Bank during that year or, if no assessed secondary market yield in respect of bonds of that kind was published by the Reserve Bank during the year, the decimal fraction determined by the Treasurer by notice in writing published in the Gazette for the purposes of this definition in relation to the financial year; and
(i)
in relation to the financial year commencing on 1 July 2012 and any subsequent financial year—has the same meaning as in subsection 995‑1(1) of the Income Tax Assessment Act 1997; and
(j)
in relation to a period that is not a financial year—has the same meaning as in subsection 995‑1(1) of the Income Tax Assessment Act 1997.
marketable petroleum commodity has the meaning given by section 2E.
market value, of a commodity, at a particular time, is its market value reduced by an amount equal to the amount of the input tax credit (if any) to which a person would be entitled if:
(a)
the person had acquired the commodity at that time; and
(b)
the acquisition had been solely for a creditable purpose.
North West Shelf exploration permits means the exploration permits known as WA‑1‑P and WA‑28‑P.
North West Shelf project means the petroleum project referred to in subsection 19(1B).
notional tax amount has the meaning given by section 97.
offence against this Act includes an offence against:
(a)
the Crimes Act 1914; or
(b)
the Taxation Administration Act 1953;
relating to this Act.
officer means a person appointed or engaged under the Public Service Act 1999.
oil shale means any shale or other rock (other than coal) from which a fluid consisting of or including hydrocarbons may be extracted or produced.
overall company group has the meaning given by section 2B.
permit derived production licence means a production licence that is derived from an exploration permit.
petroleum means:
(a)
petroleum within the meaning of the Offshore Petroleum and Greenhouse Gas Storage Act 2006; or
(b)
oil shale.
petroleum project or project means a petroleum project within the meaning of subsection 19(1) or (2), and includes the extended meaning given by subsection 19(2B) or (2C).
pipeline licence has the same meaning as in the Offshore Petroleum and Greenhouse Gas Storage Act 2006.
post‑30 June 2008 petroleum project means a petroleum project, where the production licence, or each production licence, in relation to the project came into force after 30 June 2008, and includes the North‑West shelf project.
pre‑1 July 2008 petroleum project means a petroleum project other than a post‑30 June 2008 petroleum project.
pre‑combination project, in relation to a combined project, means:
(a)
any petroleum project that, immediately before the project combination certificate that gave rise to the combined project came into force, was a petroleum project in relation to any one or more of the production licences specified in the certificate; and
(b)
any petroleum project that is a pre‑combination project in relation to another petroleum project that is a pre‑combination project in relation to the combined project under paragraph (a) or this paragraph.
pre‑licence area, in relation to a production licence, means:
(a)
if the production licence was derived from an exploration permit—the exploration permit area of the exploration permit; or
(b)
if the production licence was derived from a retention lease—either:
(i)
the retention lease area of the retention lease; or
(ii)
the exploration permit area of the exploration permit to which the retention lease is related.
processing of external petroleum, in relation to a petroleum project, includes the stabilisation, transportation, storage or recovery of external petroleum in relation to the project.
processing of internal petroleum, in relation to a petroleum project, includes the stabilisation, transportation, storage or recovery of internal petroleum in relation to the project.
production licence means:
(a)
a petroleum production licence within the meaning of the Offshore Petroleum and Greenhouse Gas Storage Act 2006; or
(b)
a lawful authority or right (however described) to undertake activities in the Western Greater Sunrise area for the recovery of petroleum from one or more of the Greater Sunrise unit reservoirs.
production licence area means a petroleum production licence area within the meaning of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 and, in relation to a Greater Sunrise project, includes the Western Greater Sunrise area.
production licence notice, in relation to a petroleum project, means a notice issued under subsection 258(7) of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 in relation to the project.
project combination certificate means a certificate under section 20.
registered holder has the same meaning as in the Offshore Petroleum and Greenhouse Gas Storage Act 2006.
re‑inject, in relation to a marketable petroleum commodity produced from petroleum recovered from the eligible exploration or recovery area in relation to a petroleum project, means return the commodity to a natural reservoir in:
(a)
where the return takes place before any production licence in relation to the project comes into force—any area from which the recovery of petroleum would, at the time of the return, constitute recovery of petroleum from the eligible exploration or recovery area in relation to the project; and
(b)
in any other case—the production licence area or any of the production licence areas in relation to the project.
related charge means:
(a)
shortfall interest charge, or general interest charge, in relation to tax; or
(b)
instalment transfer interest charge in relation to an instalment of tax.
Resources Department means the Department that:
(a)
deals with matters arising under section 1 of the Offshore Petroleum and Greenhouse Gas Storage Act 2006; and
(b)
is administered by the Resources Minister.
Resources Minister means the Minister administering section 1 of the Offshore Petroleum and Greenhouse Gas Storage Act 2006.
retention lease means a petroleum retention lease within the meaning of the Offshore Petroleum and Greenhouse Gas Storage Act 2006.
retention lease area means a petroleum retention lease area within the meaning of the Offshore Petroleum and Greenhouse Gas Storage Act 2006.
sales gas means a substance:
(a)
which is in a gaseous state when at the temperature of 15°C and a pressure of one atmosphere; and
(b)
which consists of naturally occurring hydrocarbons, or a naturally occurring mixture of hydrocarbons and non‑hydrocarbons; and
(c)
the principal constituent of which is methane; and
(d)
which:
(i)
if it is to be used as a feedstock for conversion to another product—has been processed so that it is suitable for that use; or
(ii)
in any other case—has been processed so that it is suitable for direct consumption as energy.
Second Commissioner means a Second Commissioner of Taxation.
services means water, light, power, access, communications or other services.
shortfall interest charge means the charge worked out under Division 280 in Schedule 1 to the Taxation Administration Act 1953.
starting base amount, in relation to a person’s interest in a petroleum project, means the amount (if any) assessed as the starting base amount in relation to the person’s interest under clause 23 of Schedule 2 as in force before 1 July 2019.

subsidiary has the meaning given by section 2B.
tax means tax imposed by any of the following:
(a)
the Petroleum Resource Rent Tax (Imposition—General) Act 2012;
(b)
the Petroleum Resource Rent Tax (Imposition—Customs) Act 2012;
(c)
the Petroleum Resource Rent Tax (Imposition—Excise) Act 2012.
this Act includes:
(a)
the regulations; and
(b)
Part IVC of the Taxation Administration Act 1953, insofar as that Part relates to this Act.
Torres Strait Islander has the meaning given by subsection 4(1) of the Aboriginal and Torres Strait Islander Act 2005.
transferable exploration expenditure in relation to a person and a financial year, means expenditure that is, according to Schedule 1, transferable by the person in relation to the financial year.
Note 1: the following provisions of Schedule 1 provide for expenditure to be transferable:
• paragraph 7(b)
• paragraph 8(5)(c)
• paragraph 11(b)
• paragraph 12(4)(c)
• subclause 18(1)
• subclause 18(2)
• paragraph 18(3)(e).
Note 2: Special rules apply in relation to the transfer of Greater Sunrise exploration expenditure: see Part 1A of Schedule 1.
Tribunal means the Administrative Review Tribunal.
trustee includes:
(a)
a person appointed or constituted trustee by act of parties, by order or declaration of a court, or by operation of law; or
(b)
an executor, administrator or other personal representative of a deceased person; or
(c)
a guardian or committee; or
(d)
a receiver or receiver and manager; or
(e)
a liquidator of a company; or
(ea)
an administrator, within the meaning of the Corporations Act 2001, of a company; or
(eb)
an administrator of a deed of company arrangement executed by a company under Part 5.3A of that Act; or
(f)
a person:
(i)
having or taking upon himself or herself the administration or control of any real or personal property affected by any express or implied trust;
(ii)
acting in any fiduciary capacity; or
(iii)
having the possession, control or management of any real or personal property of a person under any legal or other disability.
unincorporated association does not include a joint venture.
uplifted frontier expenditure has the meaning given by section 36C.
Western Greater Sunrise area has the same meaning as in the Offshore Petroleum and Greenhouse Gas Storage Act 2006.
year of tax, in relation to a person in relation to a petroleum project, means a financial year commencing on or after the applicable commencement date, being:
(a)
except in a case to which paragraph (b) applies—the first financial year in which assessable petroleum receipts are derived by the person in relation to the project or a subsequent financial year; or
(b)
if the project is a combined project and the person has, in a financial year before the financial year in which the project combination certificate in relation to the project comes into force, derived assessable petroleum receipts in relation to any of the pre‑combination projects in relation to the combined project—the financial year in which the project combination certificate comes into force or a subsequent financial year.

2AGDP factor

(1)
For the purposes of this Act, the GDP factor for a financial year is the number (calculated to 3 decimal places) worked out by dividing the GDP deflator for the financial year by the GDP deflator for the immediately preceding financial year.
(2)
For the purposes of subsection (1), the GDP deflator for a financial year is the Implicit Price Deflator for Expenditure on Gross Domestic Product first published by the Australian Statistician in respect of the financial year.
(3)
If the Australian Statistician changes the index reference period for the GDP deflator, then, for the purposes of the application of subsection (1) after the change takes place, regard must be had only to the GDP deflator in terms of the new index reference period.
(4)
Where the GDP factor worked out under subsection (1) for a financial year would, if it were calculated to 4 decimal places, end with a number greater than 4, the GDP factor worked out under that subsection for that financial year is taken to be the GDP factor calculated to 3 decimal places under that subsection and increased by 0.001.

2BGroup companies, subsidiaries, basic company groups and overall company groups

Group company—period
(1)
For the purposes of this Act, a company is a group company in relation to another company and a period if:
(a)
one of the companies was a subsidiary of the other company; or
(b)
each of the companies was a subsidiary of the same company;
at all times during so much of the period during which both companies were in existence.
Group company—time
(1A)
For the purposes of this Act, a company is a group company in relation to another company at a particular time if, at that time:
(a)
one of the companies was a subsidiary of the other company; or
(b)
each of the companies was a subsidiary of the same company.
Subsidiary
(2)
For the purposes of this Act, a company (in this subsection called the subsidiary company) is a subsidiary of another company (in this subsection called the holding company) at a particular time if, at that time:
(a)
all the shares in the subsidiary company are beneficially owned by:
(i)
the holding company; or
(ii)
a company that is, or 2 or more companies each of which is, a subsidiary of the holding company; or
(iii)
the holding company and a company that is, or 2 or more companies each of which is, a subsidiary of the holding company; and
(b)
there is no agreement, arrangement or understanding in force under which any person is able, or would be able after that time, to affect rights of the holding company or of a subsidiary of the holding company in relation to the subsidiary company.
(3)
For the purposes of this Act, where a company is a subsidiary of another company (including a company that is such a subsidiary by virtue of another application or other applications of this subsection), every company that is a subsidiary of the first‑mentioned company is also a subsidiary of the other company.
(4)
For the purposes of subsection (2), a person is taken to be able to affect rights of a company in relation to another company if the person has a right, power or option (whether because of any provision in the constituent document of either of those companies or because of any agreement or instrument or otherwise) to acquire those rights or do an act or thing that would prevent the first‑mentioned company from exercising those rights for its own benefit or receiving any benefits occurring because of those rights.
Basic company group
(4A)
For the purposes of this Act, a basic company group is a group of companies, where each company in the group is a group company in relation to each other company in the group.
Overall company group
(4B)
For the purposes of this Act, an overall company group is a basic company group that is not a subset of any other basic company group.
When company in existence
(5)
For the purposes of this section, a company is taken to be in existence if it has been incorporated and has not been dissolved.

2BADesignated company groups

(1)
This section sets out the method for identifying a designated company group for the purposes of this Act.
(2)
First, identify a particular overall company group.
(3)
Second, identify all of the members of the overall company group that are entitled to derive assessable receipts in relation to a petroleum project (whether or not the same petroleum project). These members constitute a provisional designated company group.
(4)
Third, if the following conditions are satisfied in relation to a company (the key company):
1. (a)
  the key company is a member of the provisional designated company group;
2. (b)
  the key company is not a subsidiary of any other company in the provisional designated company group;
3. (c)
  each other company in the provisional designated company group is a subsidiary of the key company;
then:
1. (d)
  the provisional designated company group is a designated company group; and
2. (e)
  the key company is the head company of that designated company group.
(5)
Fourth, if:
1. (a)
  subsection (4) does not apply; and
2. (b)
  each company in the provisional designated company group is a subsidiary of another company (the key company) that:
  1. (i)
    is a member of the overall company group; and
  2. (ii)
    is not a member of the provisional designated company group;
then:
1. (c)
  both:
  1. (i)
    the key company; and
  2. (ii)
    the members of the provisional designated company group;
constitute a designated company group; and
1. (d)
  the key company is the head company of that designated company group.
(6)
Subsection (5) has effect subject to subsection (7).
(7)
If:
1. (a)
  a designated company group is covered by subsection (5); and
2. (b)
  the head company of the designated company group is a subsidiary of another company (the higher‑tier company); and
3. (c)
  the higher‑tier company is a member of the overall company group; and
4. (d)
  the higher‑tier company is not a member of the provisional designated company group;
there is taken not to be a designated company group of which:
1. (e)
  the higher‑tier company is the head company; and
2. (f)
  any member of the provisional designated company group is a member.

2CGreater Sunrise apportionments

(1)
For the purposes of this Act, current apportionment percentage means the percentage applying from time to time under the definition of current apportionment percentage in subsection 286(4) of the Offshore Petroleum and Greenhouse Gas Storage Act 2006.
(2)
For the purposes of this Act, apportionment percentage figure, in relation to a year of tax, means:
1. (a)
  if the current apportionment percentage did not change during the year of tax—the numerator of the fraction with a denominator of 100 that represents the current apportionment percentage that applied during that year; or
2. (b)
  if the current apportionment percentage changed during the year of tax—means the amount worked out using the following formula:
where:
days in tax year means the number of days in the year of tax.
first % figure, in relation to a year of tax in which the current apportionment percentage changed, means the numerator of the fraction with a denominator of 100 that represents the current apportionment percentage applying before the change.
prior days, in relation to a year of tax in which the current apportionment percentage changed, means the number of days in that year before the current apportionment percentage changed.
second % figure, in relation to a year of tax in which the current apportionment percentage changed, means the numerator of the fraction with a denominator of 100 that represents the current apportionment percentage applying after the change.
subsequent days, in relation to a year of tax in which the current apportionment percentage changed, means the number of days in that year from and including the day on which the current apportionment percentage changed.
(3)
For the purposes of this Act, apportionment percentage figure, in relation to a period of days that is not a year of tax, means the amount worked out under subsection (2) as if the period were a year of tax.

2DFuture closing‑down expenditure

(1)
A person has future closing‑down expenditure in relation to a petroleum project if:
1. (a)
  the project terminates on the cessation of one or more production licences; and
2. (b)
  on that termination, an infrastructure licence comes into force, or continues in force, permitting the use of any part (the licensed property) of the operation, facilities and other things that comprised the project immediately before the termination; and
3. (c)
  but for the continued use of the licensed property (as permitted by the infrastructure licence) after that termination, the person would have incurred closing‑down expenditure in relation to the project, with respect to the licensed property.
(2)
The amount of the person’s future closing‑down expenditure is worked out as follows:

where:
bond rate is the long‑term bond rate in relation to the financial year during which the project terminates.
future closing‑down costs is the payments (not being excluded expenditure), whether of a capital or revenue nature, that the person would expect:
1. (a)
  the person; or
2. (b)
  another person who becomes responsible for carrying on operations involved in closing down the licensed property;
to be liable to make in carrying on operations involved in closing down the licensed property. It includes any environmental restoration as a consequence of closing down the licensed property.
years of operation is the number of years after the termination of the project over which the licensed property is expected to be used as permitted by the infrastructure licence.
(3)
For the purposes of the definition of future closing‑down costs in subsection (2), if the person intends to make alterations or additions to the licensed property after the termination of the project, the payments referred to in that definition are to be disregarded to the extent that they relate to the alterations or additions.
(4)
In subsection (2):
year means a period of 12 months.
Example: On the termination of a petroleum project and the coming into force of an infrastructure licence, a person has future closing‑down costs of $1 million. The licensed property is expected to be used as permitted by the infrastructure licence for 10 years, and the bond rate in relation to the financial year in question is 5%.
The amount of the person’s future closing‑down expenditure is:

2EMarketable petroleum commodity

(1)
A marketable petroleum commodity is a product listed in subsection (2) that:
1. (a)
  is produced from petroleum for the purpose of:
  1. (i)
    sale; or
  2. (ii)
    use as a feedstock for conversion to another product (whether a product listed in subsection (2) or not); or
  3. (iii)
    direct consumption as energy; and
2. (b)
  is in its final form for that purpose.
(2)
The products are as follows:
1. (a)
  stabilised crude oil;
2. (b)
  sales gas;
3. (c)
  condensate;
4. (d)
  liquefied petroleum gas;
5. (e)
  ethane;
6. (ea)
  shale oil;
7. (f)
  any other product specified in regulations made for the purposes of this paragraph.
(3)
However, a product cannot be a marketable petroleum commodity if it has been produced wholly or partly from a product that was a marketable petroleum commodity.

3Petroleum pools

(1)
Where, for the purposes of the Offshore Petroleum and Greenhouse Gas Storage Act 2006, petroleum recovered from a petroleum pool, within the meaning of that Act, is taken by Division 3 of Part 1.2 of that Act to have been recovered from a particular area or from particular areas in particular proportions, the petroleum shall be taken for the purposes of this Act to have been recovered from that area, or from those areas in those proportions, as the case may be.
(2)
If, for the purposes of the Offshore Petroleum and Greenhouse Gas Storage Act 2006, petroleum recovered from a part of the seabed is taken by subsection 54(1E) of that Act to have been recovered from a particular area or from particular areas in particular proportions, the petroleum is taken for the purposes of this Act to have been recovered from that area, or from those areas in those proportions, as the case may be.

4Relationship between licences, permits and leases etc.

(1)
For the purposes of this Act:
1. (a)
  a production licence shall be taken to be related to an exploration permit if:
  1. (i)
    because of the grant of the production licence, the exploration permit ceased to be in force in respect of the block or blocks in respect of which the production licence was granted; or
  2. (ii)
    because of the grant of the production licence, a retention lease that was related to the exploration permit ceased to be in force in respect of the block or blocks in respect of which the production licence was granted;
2. (b)
  a retention lease shall be taken to be related to an exploration permit if, because of the grant of the retention lease, the exploration permit ceased to be in force in respect of the block or blocks in respect of which the retention lease was granted;
3. (c)
  a production licence shall be taken to be related to a retention lease if, because of the grant of the production licence, the retention lease ceased to be in force in respect of the block or blocks in respect of which the production licence was granted; and
4. (d)
  where an exploration permit, retention lease or production licence (which permit, lease or licence is in this paragraph referred to as the original authority) is or was renewed, the renewed permit, lease or licence shall be taken to be a continuation of the original authority notwithstanding that the renewal may not have been granted in respect of all of the blocks in respect of which the original authority was granted.
(2)
For the purposes of this Act:
1. (a)
  a production licence is derived from an exploration permit if the licence is related to the permit because of subparagraph (1)(a)(i); and
2. (b)
  a production licence is derived from a retention lease if the licence is related to the lease.

4AHolding an interest – petroleum project

Petroleum projects generally
(1)
For the purposes of this Act, a person is taken to have held, at a particular time, an interest in, or in relation to, a petroleum project if the person was, at that time, entitled to receive receipts from the sale of petroleum, or of marketable petroleum commodities produced from petroleum, recovered from:
(a)
if the time is a time after the production licence in relation to the project came into force—the production licence area in relation to the project; or
(b)
if the time is a time before the production licence in relation to the project came into force—a pre‑licence area in relation to the production licence.
(2)
However, subsection (1) does not apply if the project is a combined project, the Bass Strait project or the North West Shelf project.
Combined projects
(3)
For the purposes of this Act, a person is taken to have held, at a particular time, an interest in, or in relation to, a combined project if the person was, at that time, entitled to receive receipts from the sale of petroleum, or of marketable petroleum commodities produced from petroleum, recovered from:
(a)
if the time is a time after the project combination certificate came into force—the production licence areas in relation to the project; or
(b)
if the time is a time before the project combination certificate came into force:
(i)
any production licence areas in relation to pre‑combination projects relating to the combined project; or
(ii)
any pre‑licence areas in relation to any of those pre‑combination projects.
The Bass Strait project and the North West Shelf project
(4)
For the purposes of this Act, a person is taken to have held, at a particular time, an interest in, or in relation to,:
(a)
the Bass Strait project; or
(b)
the North West Shelf project;
if the person was, at that time, entitled to receive receipts from the sale of petroleum, or of marketable petroleum commodities produced from petroleum, recovered from any of the production licence areas in relation to that project.

4BHolding an interest – exploration permit

For the purposes of this Act, a person is taken to have held an interest in, or in relation to, an exploration permit at a particular time if the person was, at that time, entitled to receive receipts from the sale of petroleum, or marketable petroleum commodities produced from petroleum, recovered from the exploration permit area.

4CHolding an interest – retention lease

For the purposes of this Act, a person is taken to have held an interest in, or in relation to, a retention lease at a particular time if the person was, at that time, entitled to receive receipts from the sale of petroleum, or marketable petroleum commodities produced from petroleum, recovered from:
(a)
if the time is a time after the retention lease was granted—the retention lease area; or
(b)
if the time is a time before the retention lease was granted—the exploration permit area of the exploration permit to which the retention lease is related.

5Petroleum exploration and recovery in relation to certain areas

Pre‑1 July 2008 petroleum project
(1)
For the purposes of the application of this Act (including this section) to a pre‑1 July 2008 petroleum project, a reference to exploration for petroleum in, or recovery of petroleum from, a production licence area, an exploration permit area or a retention lease area is a reference to exploration for petroleum in, or recovery of petroleum from, the production licence area, the exploration permit area or the retention lease area while the production licence, exploration permit or retention lease concerned is or was in force.
(2)

For the purposes of the application of this Act to a pre‑1 July 2008 petroleum project, a reference to exploration for petroleum in, or recovery of petroleum from, the eligible exploration or recovery area in relation to a petroleum project is a reference to exploration for petroleum in, or recovery of petroleum from:
(a)
where the production licence or any production licence in relation to the project is a permit derived production licence—the exploration permit area in relation to the exploration permit to which the production licence is related (being exploration or recovery occurring either before or after the production licence came into force but not after marketable petroleum commodities cease, otherwise than temporarily, to be produced in relation to the project);
(b)
where the production licence or any production licence in relation to the project is a lease derived production licence—the retention lease area in relation to the retention lease to which the production licence is related (being exploration or recovery occurring either before or after the production licence came into force but not after marketable petroleum commodities cease, otherwise than temporarily, to be produced in relation to the project); and
(c)
the production licence area of the production licence, or the production licence areas of the production licences, in respect of the project.
(3)
For the purposes of subsections (1) and (2), where, at a time when no permit derived production licence in relation to an exploration permit is in force, a retention lease that is related to the exploration permit comes into force, any exploration for, or recovery of, petroleum that occurred while the exploration permit was in force in the block or blocks in respect of which the retention lease was granted and during the period:
(a)
where paragraph (b) does not apply—before the retention lease came into force; or
(b)
where, before the retention lease came into force, a permit derived production licence, or permit derived production licences, in relation to the exploration permit were in force—after that production licence or all of those production licences, as the case may be, ceased to be in force and before the retention lease came into force;
shall be taken to have occurred in the retention lease area and not in the exploration permit area notwithstanding that the retention lease was not in force at that time.
(4)
For the purposes of subsection (2), where, but for this subsection, the same exploration for petroleum or recovery of petroleum would be exploration for petroleum in, or recovery of petroleum from, the exploration permit area or the retention lease area in relation to 2 or more production licences, the exploration or recovery shall be taken to relate only to the production licence that first came into force.
Post‑30 June 2008 petroleum project
(5)
For the purposes of the application of this Act (including this section) to a post‑30 June 2008 petroleum project, a reference to exploration for petroleum in, or recovery of petroleum from, a production licence area, an exploration permit area or a retention lease area is a reference to exploration for petroleum in, or recovery of petroleum from, the production licence area, the exploration permit area or the retention lease area while the production licence, exploration permit or retention lease concerned is or was in force.
(6)
For the purposes of the application of this Act to a post‑30 June 2008 petroleum project, a reference to exploration for petroleum in, or recovery of petroleum from, the eligible exploration or recovery area in relation to a petroleum project is a reference to:
(a)
if the production licence, or any production licence, in relation to the project is a production licence (in this paragraph called the current production licence) derived from an exploration permit (in this paragraph called the prior exploration permit)—exploration for petroleum in, or recovery of petroleum from, the exploration permit area of the prior exploration permit, where the exploration or recovery occurred:
(i)
before the current production licence came into force; and
(ii)
if, before the current production licence came into force, there came into force one or more retention leases, or one or more other production licences, derived from the prior exploration permit—after whichever of those retention leases or other production licences last came into force before the current production licence came into force; and
(b)
if the production licence, or any production licence, in relation to the project is a production licence (in this paragraph called the current production licence) derived from a retention lease (in this paragraph called the prior retention lease)—exploration for petroleum in, or recovery of petroleum from, the retention lease area of the prior retention lease, where the exploration or recovery occurred before the current production licence came into force; and
(c)
if:
(i)
the production licence, or any production licence, in relation to the project is a production licence (in this paragraph called the current production licence) derived from a retention lease (in this paragraph called the prior retention lease); and
(ii)
the prior retention lease was derived from an exploration permit (in this paragraph called the prior exploration permit);
exploration for petroleum in, or recovery of petroleum from, the exploration permit area of the prior exploration permit, where the exploration or recovery occurred:
(iii)
before the prior retention lease came into force; and
(iv)
if, before the prior retention lease came into force, there came into force one or more other production licences, or one or more other retention leases, derived from the prior exploration permit—after whichever of those other retention leases or other production licences last came into force before the prior retention lease came into force; and
(d)
exploration for petroleum in, or recovery of petroleum from, the production licence area of the production licence, or the production licence areas of the production licences, in respect of the project.
(7)
If:
(a)
paragraph (6)(c) applies to a post‑30 June 2008 petroleum project; and
(b)
the prior retention lease mentioned in that paragraph is one of a set of 2 or more retention leases that:
(i)
came into force at the same time; and
(ii)
were derived from the prior exploration permit mentioned in that paragraph; and
(c)
the production licence, or the production licences, in relation to one or more other post‑30 June 2008 petroleum projects were derived from one or more of the retention leases included in the set mentioned in paragraph (b) of this subsection; and
(d)
exploration expenditure incurred in relation to the petroleum project mentioned in paragraph (a) of this subsection is attributable to exploration for petroleum in, or recovery of petroleum from, the exploration permit area of the prior exploration permit;
then, for the purposes of the application of this Act to the petroleum project mentioned in paragraph (a) of this subsection, the amount of the exploration expenditure mentioned in paragraph (d) of this subsection is taken to be the amount worked out using the following formula:
where:
number of retention leases relating to the petroleum project mentioned in paragraph (a) of this subsection means the number of retention leases:
(a)
from which the production licence, or the production licences, in relation to the petroleum project mentioned in paragraph (a) of this subsection were derived; and
(b)
that are included in the set mentioned in paragraph (b) of this subsection.
total number of retention leases means the number of retention leases that are included in the set mentioned in paragraph (b) of this subsection.
unadjusted amount of exploration expenditure means the amount that, apart from this subsection, is the amount of the exploration expenditure mentioned in paragraph (d) of this subsection.

6Termination of use of property in relation to a petroleum project

For the purposes of this Act:
(a)
a termination of the use of all property in relation to a petroleum project shall be taken to occur where the production licence or all of the production licences in relation to the project cease to be in force; and
(b)
no termination of the use of property in relation to a petroleum project shall be taken to occur by reason of the specifying of the production licence or production licences in relation to the project in a project combination certificate.

7Property installed ready for use

Where property is installed ready for use for a purpose and held in reserve, the property shall, for the purposes of this Act, be taken to be being used for that purpose.

8Consideration not in cash

For the purposes of this Act, where, upon any transaction, any consideration is liable to be given by way of the provision of property (other than money), the money value of that consideration shall be deemed to have been liable to be given.

9Amounts credited, reinvested etc. to be taken to be receivable

An amount shall be taken to have been receivable by a person although it is not actually to be paid over to the person but is to be reinvested, accumulated, capitalised, carried to any reserve, sinking fund or insurance fund however designated, or otherwise dealt with on behalf of the person or as the person directs.

10Translation of amounts into Australian currency

(1)
For the purposes of this Act, an amount in a foreign currency is to be translated into Australian currency.
Examples of an amount
(2)
The following are examples of an amount:
1. (a)
  an amount of an expense;
2. (b)
  an amount of an obligation;
3. (c)
  an amount of a liability;
4. (d)
  an amount of a receipt;
5. (e)
  an amount of a payment;
6. (f)
  an amount of consideration;
7. (g)
  a value.
Translation rule—assessable receipt
(3)
If:
1. (a)
  a person derives an assessable receipt in relation to a petroleum project; and
2. (b)
  the receipt is in a foreign currency;
the receipt is to be translated into Australian currency at the exchange rate applicable at the time when the receipt is derived.
Translation rule—eligible real expenditure
(4)
If:
1. (a)
  a person incurs eligible real expenditure in relation to a petroleum project; and
2. (b)
  the expenditure is in a foreign currency;
the expenditure is to be translated into Australian currency at the exchange rate applicable at the time when the expenditure is incurred.
Translation rule—transfer of entire entitlement to assessable receipts
(5)
If:
1. (a)
  section 48 applies in relation to a transaction; and
2. (b)
  a person is a purchaser (within the meaning of section 48) in relation to the transaction; and
3. (c)
  the person is taken, under section 48, to have derived or incurred an amount; and
4. (d)
  the vendor (within the meaning of section 48) in relation to the transaction has made an election under section 58B (functional currency); and
5. (e)
  the election is in effect for the year of tax in which the transfer time (within the meaning of section 48) occurred; and
6. (f)
  the amount is in the vendor’s applicable functional currency;
the amount is to be translated from the applicable functional currency into Australian currency at the exchange rate applicable at the transfer time (within the meaning of section 48).
Translation rule—transfer of part of entitlement to assessable receipts
(6)
If:
1. (a)
  section 48A applies in relation to a transaction; and
2. (b)
  a person is a purchaser (within the meaning of section 48A) in relation to the transaction; and
3. (c)
  the person is taken, under section 48A, to have derived or incurred an amount; and
4. (d)
  the vendor (within the meaning of section 48A) in relation to the transaction has made an election under section 58B (functional currency); and
5. (e)
  the election is in effect for the year of tax in which the transfer time (within the meaning of section 48A) occurred; and
6. (f)
  the amount is in the vendor’s applicable functional currency;
the amount is to be translated from the applicable functional currency into Australian currency at the exchange rate applicable at the transfer time (within the meaning of section 48A).
Operation of functional currency provisions unaffected
(7)
This section does not affect the operation of Division 7 of Part V (functional currency).

11Residence

(1)
For the purposes of this Act, a person shall be taken to have been a non‑resident at a particular time if the person was not a resident of Australia at that time.
(2)
For the purposes of this Act, a person shall be taken to have been a resident of Australia at a particular time if:
1. (a)
  in the case of a natural person:
  1. (i)
    the person resided in Australia at that time; or
  2. (ii)
    except in a case where the Commissioner is satisfied that that person’s permanent place of residence at that time was outside Australia—the person was domiciled in Australia at that time;
2. (b)
  in the case of a body corporate:
  1. (i)
    the body was incorporated in Australia at that time; or
  2. (ii)
    at that time the body corporate carried on business in Australia and:
    1. (A)
      had its central management and control in Australia; or
    2. (B)
      had its voting power controlled by shareholders who were residents of Australia; or
3. (c)
  in the case of a partnership or an unincorporated association—any member of the partnership or association was a resident of Australia at that time by virtue of paragraph (a) or (b).

12Partnerships

(1)
Subject to this section, this Act applies to a partnership as if the partnership were a person.
(2)
Where, but for this subsection, an obligation would be imposed on a partnership by virtue of the operation of subsection (1), the obligation is imposed on each partner, but may be discharged by any of the partners.
(3)
Where, by virtue of the operation of subsection (1), an amount is payable under this Act by a partnership, the partners are jointly and severally liable to pay that amount.
(4)
Where, by virtue of the operation of subsection (1), an offence against this Act is deemed to have been committed by a partnership, that offence shall be deemed to have been committed by each of the partners.
(5)
In a prosecution of a person for an offence by virtue of this section, it is a defence if the person proves that the person:
1. (a)
  did not aid, abet, counsel or procure the act or omission by virtue of which the offence is deemed to have been committed; and
2. (b)
  was not in any way, by act or omission, directly or indirectly, knowingly concerned in, or party to, the act or omission by virtue of which the offence is deemed to have been committed.
(6)
A reference in this section to this Act includes a reference to Part III of the Taxation Administration Act 1953 to the extent to which that Part of that Act relates to this Act.

13Unincorporated associations

(1)
Subject to this section, this Act applies to an unincorporated association as if the association were a person.
(2)
Where, but for this subsection, an obligation would be imposed on an unincorporated association by virtue of the operation of subsection (1), the obligation is imposed on each member of the committee of management of the association, but may be discharged by any of those members.
(3)
Where, by virtue of the operation of subsection (1), an offence against this Act is deemed to have been committed by an unincorporated association, that offence shall be deemed to have been committed by each member of the committee of management of the association.
(4)
In a prosecution of a person for an offence by virtue of this section, it is a defence if the person proves that the person:
1. (a)
  did not aid, abet, counsel or procure the act or omission by virtue of which the offence is deemed to have been committed; and
2. (b)
  was not in any way, by act or omission, directly or indirectly, knowingly concerned in, or party to, the act or omission by virtue of which the offence is deemed to have been committed.
(5)
A reference in this section to this Act includes a reference to Part III of the Taxation Administration Act 1953 to the extent to which that Part of that Act relates to this Act.

14Application of Act

(1)
This Act extends to every external Territory and, except so far as the contrary intention appears, to acts, omissions, matters and things outside Australia, whether or not in a foreign country.
(2)
Except where otherwise expressly provided, this Act extends to matters and things whether occurring before or after the commencement of this Act.
(3)
In subsection (1), a reference to this Act includes a reference to the Taxation Administration Act 1953 to the extent to which that Act relates to this Act.

Part IIIAdministration 15General administration of Act

The Commissioner has the general administration of this Act.
Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953.

16Annual report

(1)
The Commissioner shall, as soon as practicable after 30 June in each year, prepare and furnish to the Minister a report on the working of this Act, including any breaches or evasions of this Act of which the Commissioner has notice.
(2)
The Minister shall cause a copy of a report furnished under subsection (1) to be laid before each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report.
(3)
For the purposes of section 34C of the Acts Interpretation Act 1901, a report that is required by subsection (1) to be furnished as soon as practicable after 30 June in a year shall be taken to be a periodic report relating to the working of this Act during the year ending on that 30 June.

Part IVPetroleum projects 19Petroleum project

(1)
Subject to subsection (1A) and (1B), for the purposes of this Act, where a production licence is in force and is not specified in a project combination certificate that is in force, there shall be taken to be a petroleum project in relation to the production licence.
(1A)
For the purposes of this Act, there is taken to be a single petroleum project in relation to all production licences that are related to the Bass Strait exploration permit and that are in force from time to time, unless those licences are specified in a project combination certificate that is in force.
(1B)
For the purposes of this Act, there is taken to be a single petroleum project in relation to all production licences that are related to the North West Shelf exploration permits and that are in force from time to time.
(2)
For the purposes of this Act, where 2 or more production licences are specified in a project combination certificate that is in force, there shall be taken to be a petroleum project in relation to such of the production licences as are in force.
(2A)
If:
1. (a)
  the production licences that are related to the Bass Strait exploration permit are specified in a project combination certificate; and
2. (b)
  another production licence that is related to the Bass Strait exploration permit comes into force at a time when the project combination certificate is in force;
the certificate has effect after that time as if the production licence referred to in paragraph (b) were specified in the certificate.
(2B)
For the purposes of this Act, there shall be taken to be included, as part of any petroleum project within the meaning of subsection (1) or (2), the carrying on of any processing of external petroleum wholly or partly using the operations, facilities and other things comprising the project:
1. (a)
  in the case of a production licence referred to in subsection (1)—while that licence is in force; or
2. (b)
  in the case of 2 or more production licences referred to in subsection (2)—while any of those licences are in force.
Note: Under subsection (4), the operations, facilities and other things comprising the project are limited to those used in relation to petroleum recovered from the one or more production licence areas in relation to the project.
(2C)
For the purposes of this Act, there is taken to be included, as part of any petroleum project within the meaning of subsection (1) or (2), the carrying on of any processing of internal petroleum wholly or partly using the operations, facilities and other things comprising the project:

1. (a)
  in the case of a production licence referred to in subsection (1)—while that licence is in force; or
2. (b)
  in the case of 2 or more production licences referred to in subsection (2)—while any of those licences are in force.
(3)
For the purposes of this Act, where any one or more, but not all, of the production licences specified in a project combination certificate that is in force ceases to be in force, the combined project shall be taken to continue to exist in relation to the production licence or production licences that remain in force.
(4)
For the purposes of this Act, a reference to the operations, facilities and other things comprising a petroleum project is a reference to:
1. (a)
  operations and facilities for the recovery of petroleum from the production licence area or production licence areas in relation to the project; and
2. (b)
  such of the following as are carried on or provided:
  1. (i)
    operations and facilities involved in moving petroleum so recovered between any storage or processing facilities prior to the production of any marketable petroleum commodity from the petroleum;
  2. (ii)
    operations and facilities involved in the storage, processing or treatment of petroleum so recovered to produce any marketable petroleum commodity from the petroleum;
  3. (iii)
    operations and facilities involved in the moving or storage of any such marketable petroleum commodity before it becomes an excluded commodity;
  4. (iv)
    services, or facilities for the provision of services, in connection with the operations, facilities, amenities and services referred to in this section;
  5. (v)
    employee amenities in connection with the operations, facilities and services referred to in this section;
  6. (vi)
    operations and facilities, carried on or provided, for an environmental purpose, in relation to the carrying on or provision of the operations, facilities and services referred to in this section.

20Combining of petroleum projects

(1)
Subject to this section, where the Resources Minister, in relation to a production licence in relation to a petroleum project, having regard to:
1. (a)
  the respective operations, facilities and other things that comprise, have comprised or will comprise that project and any other petroleum project or projects existing at the time at which the production licence came into force; and
2. (b)
  the persons by whom or on whose behalf the operations, facilities and other things referred to in paragraph (a) are being, have been or are proposed to be carried on or provided; and
3. (d)
  the geological, geophysical and geochemical and other features of the production licence areas in relation to the projects;
considers that the projects are sufficiently related to be treated for the purposes of this Act as a single petroleum project, the Minister must issue a certificate under this subsection specifying the production licence or production licences in relation to each of the projects.
(1A)
Despite subsection (1), the Minister cannot specify, under that subsection, a production licence relating to the North West Shelf project.
(3)
For the purposes of paragraph (1)(a):
1. (a)
  a reference to operations, facilities and other things that have comprised a petroleum project includes, in the case of a combined project, a reference to operations, facilities and other things that have comprised the pre‑combination projects in relation to the project; and
2. (b)
  a reference to operations, facilities and other things that will comprise a petroleum project is a reference to operations, facilities and other things that are proposed, by the registered holders of, and the holders of registered interests in, the production licence or licences in relation to the project, to comprise the project.
(4)
The Minister may only issue a certificate under subsection (1) in respect of petroleum projects if:
1. (a)
  a person who is entitled to receive at least half of the receipts from the sale of petroleum or marketable petroleum commodities produced in relation to each of the projects applies, in writing, to the Minister for the certificate to be issued; or
2. (b)
  2 or more persons who together are entitled to receive at least half of those receipts apply, in writing, to the Minister for the certificate to be issued.
(4A)
An application under subsection (4) may only be made within:
1. (a)
  the period of 90 days beginning on the day the most recent production licence in relation to any of the petroleum projects came into force; or
2. (b)
  if the Minister allows a longer period—that longer period.
(4B)
If the Minister does not make a decision on an application under subsection (4) before the later of the following times:
1. (a)
  the end of the period of 90 days after the application is made;
2. (b)
  if the Minister extends that period under subsection (4C)—the end of the extended period;
the Minister is taken, for the purposes of subsection (12), to have refused the application at that time.
(4C)
The Minister may, by written notice to the applicant or applicants, extend the period mentioned in subsection (4B) if the Minister is satisfied that it is necessary to do so to adequately consider the application.
(5)
A certificate under subsection (1) shall not be repealed, rescinded, revoked, amended or varied otherwise than:
1. (a)
  under subsection (8);
2. (b)
  pursuant to a decision of the Tribunal or an order of a court; or
3. (c)
  to correct an error in the certificate.
(6)
A certificate under subsection (1) shall come into force on the issue of the certificate and continue in force until the issue of a subsequent certificate under that subsection specifying production licences that include such of the production licences specified in the first‑mentioned certificate as are in force at the time when the subsequent certificate is issued.
(7)
Where, in deciding whether or not to issue a certificate under subsection (1) specifying 2 or more production licences, the Resources Minister has reasonable grounds to believe that an operation, facility or other thing is being, has been or is proposed to be carried on or provided, or is being, has been or is proposed to be carried on or provided in a particular manner or by particular persons, for the sole or dominant purpose of obtaining the issue of the certificate, the Minister must disregard the carrying on or provision of the operation, facility or thing.
(8)
Where, after the issue of a certificate under subsection (1), it appears to the Resources Minister that, having regard to information that was not available to the Minister at the time of issue of the certificate, the certificate would not, by reason of the application of subsection (7), have been issued if the Minister had been aware of the information at the time of issue of the certificate, the Minister must cancel the certificate and upon the cancellation the certificate shall be deemed never to have been issued.
(9)
The Minister must:
1. (a)
  within 30 days after the issue of a certificate under subsection (1) or the cancellation under subsection (8) of such a certificate, arrange for notice in writing of the issue or cancellation:
  1. (i)
    to be sent to the holder or holders of the production licences concerned and to the Commissioner; and
  2. (ii)
    to be published in the Gazette; and
2. (b)
  within 30 days after making a decision to refuse an application for the issue of a certificate under subsection (1), arrange for notice in writing of the decision to be sent to the person or persons making the application.
(10)
A notice under subsection (9) shall include a statement to the effect that, subject to the Administrative Review Tribunal Act 2024, application may be made to the Tribunal for review of the decision to issue or cancel the certificate, or to refuse the application, as the case may be, by or on behalf of the person or persons whose interests are affected by the decision.
(11)
Any failure to comply with the requirement of subsection (10) in relation to a decision does not affect the validity of the decision.
(12)
Application may be made to the Tribunal for a review of:
1. (a)
  a decision of the Resources Minister to issue a certificate under subsection (1); or
2. (b)
  a decision of the Minister refusing an application to issue such a certificate; or
3. (c)
  a decision of the Minister under subsection (8) to cancel such a certificate.

Part VLiability to taxationDivision 1Liability to tax on taxable profit21Liability to pay tax

Subject to this Act, tax imposed in respect of the taxable profit of a person of a year of tax in relation to a petroleum project is payable by the person.

22Taxable profit

(1)
Where, in relation to a petroleum project and a year of tax, the assessable receipts derived by a person exceed the sum of:
1. (a)
  the deductible expenditure incurred by the person; and
2. (b)
  the total of the amounts (if any) transferred by the person to the project in relation to the year of tax under section 45A; and
3. (c)
  the total of the amounts (if any) transferred by another person to the person in relation to the project and the year of tax under section 45B;
the person is taken for the purposes of this Act to have a taxable profit in relation to the project and the year of tax of an amount equal to the excess.
Note: because of subsection 45D(2), some transfers of expenditure are taken to be transfers of amounts compounded in accordance with Part 7 of Schedule 1.
Allowing for Greater Sunrise apportionments
(2)
However, if the petroleum project is a Greater Sunrise project, the person is taken for the purposes of this Act to have a taxable profit in relation to the project and the year of tax of an amount worked out using the following formula:

where:
apportionment percentage figure has the meaning given by subsection 2C(2).
initial taxable profit means the amount of taxable profit worked out under subsection (1) ignoring this subsection.
Deemed taxable profit for certain liquefied natural gas projects
(3)
If:
1. (a)
  a person derives assessable petroleum receipts or assessable tolling receipts in relation to a petroleum project in a year of tax; and
2. (b)
  sales gas is, or will be, produced from some or all of the petroleum that is, or will be, recovered from the project; and
3. (c)
  the person is a party to an arrangement (within the meaning of section 50); and
4. (d)
  it is intended, as a result of carrying out the arrangement, that sales gas (which may or may not be the sales gas mentioned in paragraph (b)) is to be wholly or primarily processed into liquefied natural gas; and
5. (e)
  the person enters, or will enter, into such arrangements on a regular or consistent basis; and
6. (f)
  the person is not taken under subsection (1) or (2) to have a taxable profit in relation to the project and the year of tax; and
7. (g)
  the project is not excluded under subsection (5) for the year of tax;
the person is taken for the purposes of this Act to have a taxable profit in relation to the project and the year of tax of an amount (the denied deduction amount) equal to 10% of the assessable receipts derived by the person in relation to the project in the year of tax.
(4)
However, if the project is a Greater Sunrise project, the person is taken for the purposes of this Act to have a taxable profit in relation to the project and the year of tax of an amount (the denied deduction amount) worked out using the following formula:
where:
apportionment percentage figure has the meaning given by subsection 2C(2).
initial taxable profit means the amount of taxable profit worked out under subsection (3) ignoring this subsection.
(5)
For the purposes of paragraph (3)(g), a project is excluded for a year of tax if:
1. (a)
  the year of tax is the first financial year in which assessable petroleum receipts are derived by the person in relation to the project or one of the subsequent 7 financial years; or
2. (b)
  the person incurs resource tax expenditure or starting base expenditure in the year of tax in relation to the project; or
3. (c)
  the person is not taken to incur any amounts under subsection 33(3), 34(3), 34A(4), 35(3), 35C(5), 35E(3), 35F(2) or 36(1) (including because of section 48 or 48A) in relation to the project:
  1. (i)
    on the first day of the year of tax; or
  2. (ii)
    on the first day of a previous year of tax (other than the first year of tax in which the person incurred deductible expenditure in relation to the project).

Division 2Assessable receipts22BEffect of GST etc. on assessable receipts

(1)
For the purposes of this Division, a reference to consideration receivable, to value receivable or to an amount receivable does not include an amount equal to:
1. (a)
  any GST payable on the supply for which the consideration, value or amount was receivable; or
2. (b)
  any increasing adjustments that relate to that supply.
(2)
For the purposes of this Division, a reference to the sale price of property does not include an amount equal to:
1. (a)
  any GST payable on the sale; or
2. (b)
  any increasing adjustments that relate to that sale.
(3)
For the purposes of this Division, a reference to expenses payable in relation to a sale does not include an amount equal to:
1. (a)
  any input tax credit to which you are entitled; or
2. (b)
  any decreasing adjustment that you have;
in relation to those expenses.

23Assessable receipts

(1)
For the purposes of this Act, but subject to subsections (2) and (3), a reference to the assessable receipts derived by a person in a financial year in relation to a petroleum project (not being an ineligible project in relation to the financial year) is a reference to the total receipts of the following kinds, whether of a capital or revenue nature, derived by the person in the financial year in relation to the project:
1. (a)
  assessable petroleum receipts;
2. (aa)
  assessable tolling receipts;
3. (b)
  assessable exploration recovery receipts;
4. (c)
  assessable property receipts;
5. (d)
  assessable miscellaneous compensation receipts;
6. (e)
  assessable employee amenities receipts;
7. (f)
  assessable incidental production receipts.
(2)
For the purposes of this Act, the assessable receipts derived by a person in a financial year in relation to a combined project (not being an ineligible project in relation to the financial year) shall include any amounts of a kind referred to in paragraphs (1)(a) to (f) (inclusive) derived by the person during the financial year in relation to the pre‑combination projects in relation to the combined project.
(3)
For the purposes of this Act, assessable receipts, in relation to a Greater Sunrise project, are to be calculated as if each amount of the petroleum recovered from a Greater Sunrise unit reservoir became the property of the person who recovered that amount as soon as it was recovered.
(4)
Subsection (3) has effect despite subsection 286(2) of the Offshore Petroleum and Greenhouse Gas Storage Act 2006.

24Assessable petroleum receipts

(1)
For the purposes of this Act, a reference to assessable petroleum receipts derived by a person in relation to a petroleum project is a reference to:
1. (a)
  where any petroleum from the project is or was sold, whether processed or unprocessed, before any marketable petroleum commodity is or was produced from it—the consideration receivable, less any expenses payable, by the person in relation to the sale; and
2. (b)
  where any marketable petroleum commodity (other than sales gas to which paragraph (d) applies) produced from petroleum from the project becomes or became an excluded commodity by virtue of being sold—the consideration receivable, less any expenses payable, by the person in relation to the sale; and
3. (c)
  where any marketable petroleum commodity (other than sales gas to which paragraph (e) applies) produced from petroleum from the project becomes or became an excluded commodity otherwise than by virtue of being:
  1. (i)
    sold; or
  2. (ii)
    treated or processed, or moved, for re‑injection or destruction or for use in carrying on or providing operations, facilities or other things of a kind referred to in section 37, 38 or 39 in relation to the petroleum project;
so much of the market value of the commodity immediately before it becomes or became an excluded commodity, or, where there is insufficient evidence of that market value, of such amount as, in the opinion of the Commissioner, is fair and reasonable, as is taken by section 26 to be derived by the person; and
1. (d)
  where:
  1. (i)
    any sales gas produced from petroleum from the project becomes or became an excluded commodity by virtue of being sold; and
  2. (iii)
    the regulations apply to the sales gas;
the amount worked out in accordance with the regulations; and
1. (e)
  where the regulations apply to any sales gas produced from petroleum from the project, and that sales gas becomes or became an excluded commodity otherwise than by virtue of being:
  1. (i)
    sold; or
  2. (ii)
    treated or processed, or moved, for re‑injection or destruction or for use in carrying on or providing operations, facilities or other things of a kind referred to in section 37, 38 or 39 in relation to the petroleum project;
the amount worked out in accordance with the regulations.
(2)
In this section:
petroleum from the project means any petroleum or a constituent of petroleum:
1. (a)
  that is recovered from the production licence area or areas in relation to the petroleum project in question; or
2. (b)
  that is external petroleum in relation to the project.

24AAssessable tolling receipts

For the purposes of this Act, a reference to assessable tolling receipts derived by a person in relation to a petroleum project is a reference to the consideration receivable by the person in relation to the processing of external petroleum, or internal petroleum, in relation to the project.

25Assessable exploration recovery receipts

For the purposes of this Act, a reference to assessable exploration recovery receipts derived by a person in relation to a petroleum project is a reference to:
(a)
where any petroleum, or a constituent of petroleum, recovered from the eligible exploration or recovery area (other than any production licence area) in relation to the project is or was sold, whether processed or unprocessed, before any marketable petroleum commodity is or was produced from it—the consideration receivable, less any expenses payable, by the person in relation to the sale;
(b)
where any marketable petroleum commodity produced from petroleum recovered from the area to which paragraph (a) applies becomes or became an excluded commodity by virtue of being sold—the consideration receivable, less any expenses payable, by the person in relation to the sale; and
(c)
where any marketable petroleum commodity produced from petroleum recovered from the area to which paragraph (a) applies becomes or became an excluded commodity otherwise than by virtue of being:
(i)
sold; or
(ii)
treated or processed, or moved, for re‑injection or destruction or for use in carrying on or providing operations, facilities or other things of a kind referred to in section 37, 38 or 39 in relation to the petroleum project;
so much of the market value of the commodity immediately before it becomes or became an excluded commodity, or, where there is insufficient evidence of that market value, of such amount as, in the opinion of the Commissioner, is fair and reasonable, as is taken by section 26 to be derived by the person.

26Amounts notionally derived where no sale of petroleum etc.

Where paragraph 24(1)(c) or 25(c) applies in relation to any marketable petroleum commodity, the market value or other amount referred to in that paragraph in relation to the marketable petroleum commodity shall, for the purposes of this Act, be taken to have been derived by the person or persons entitled to receive receipts from the sale of marketable petroleum commodities produced in relation to the project and, where there are 2 or more such persons, in the same respective shares as those persons are or were entitled to receive those receipts.

27Assessable property receipts

(1)
For the purposes of this Act, a reference to assessable property receipts derived by a person in relation to a petroleum project is a reference to:
1. (a)
  the consideration receivable by the person in respect of the disposal, loss or destruction of property in respect of which capital expenditure being eligible real expenditure in relation to the project (including in the case of a combined project any pre‑combination project in relation to the project) was incurred by the person;

(2)
If the expenditure year is the financial year immediately before the transfer year then, for the purposes of subsection 45D(2), the transfer is taken to be of the amount worked out by multiplying the amount actually transferred by the long‑term bond rate in relation to the expenditure year plus 1.15.
(3)
If the expenditure year is not the financial year immediately before the transfer year, the following provisions apply:
1. (a)
  work out, in relation to the expenditure year and each later financial year ending before the transfer year, an amount in accordance with the formula:
where:
transferred amount means:
1. (i)
  in making the calculation in relation to the expenditure year—the amount of expenditure actually transferred; and
2. (ii)
  in making the calculation in relation to a later financial year—the amount calculated under this paragraph in relation to the expenditure and the immediately preceding financial year.
uplift rate, for the financial year in relation to which the calculation is being made (the calculation year), means the long‑term bond rate in relation to the calculation year plus 1.15;
1. (b)
  for the purposes of subsection 45D(2), the transfer is taken to be of the amount worked out under paragraph (a) in relation to the expenditure and the financial year immediately before the transfer year.

38Transfer years that start before 1 July 2019 – expenditure incurred in a GDP expenditure year

If:
(aa)
the transfer year starts before 1 July 2019; and
(ab)
the financial year in which the expenditure was incurred (the expenditure year) is a GDP expenditure year in relation to the project;
the following provisions apply:
(a)
work out, in relation to the expenditure year and each later financial year ending before the transfer year, an amount in accordance with the formula:

where:
Transferred amount means:
(i)
in making the calculation in relation to the expenditure year—the amount of expenditure actually transferred; and
(ii)
in making the calculation in relation to a later financial year—the amount calculated under this paragraph in relation to the expenditure and the immediately preceding financial year;
GDP factor means the GDP factor in relation to the financial year in relation to which the calculation is being made;
(b)
for the purposes of subsection 45D(2), the transfer is taken to be of the amount worked out under paragraph (a) in relation to the expenditure and the financial year immediately before the transfer year.

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

Endnote 2—Abbreviation key

ad = added or inserted	o = order(s)
am = amended	Ord = Ordinance
amdt = amendment	orig = original
c = clause(s)	par = paragraph(s)/subparagraph(s)
C[x] = Compilation No. x	/sub‑subparagraph(s)
Ch = Chapter(s)	pres = present
def = definition(s)	prev = previous
Dict = Dictionary	(prev…) = previously
disallowed = disallowed by Parliament	Pt = Part(s)
Div = Division(s)	r = regulation(s)/rule(s)
ed = editorial change	reloc = relocated
exp = expires/expired or ceases/ceased to have	renum = renumbered
effect	rep = repealed
F = Federal Register of Legislation	rs = repealed and substituted
gaz = gazette	s = section(s)/subsection(s)
LA = Legislation Act 2003	Sch = Schedule(s)
LIA = Legislative Instruments Act 2003	Sdiv = Subdivision(s)
(md) = misdescribed amendment can be given	SLI = Select Legislative Instrument
effect	SR = Statutory Rules
(md not incorp) = misdescribed amendment	Sub‑Ch = Sub‑Chapter(s)
cannot be given effect	SubPt = Subpart(s)
mod = modified/modification	underlining = whole or part not
No. = Number(s)	commenced or to be commenced

Endnote 3Legislation history

Act	Number and year	Assent	Commencement	Application, saving and transitional provisions
Petroleum Resource Rent Tax Assessment Act 1987	142, 1987	18 Dec 1987	15 Jan 1988
Taxation Laws Amendment (Tax File Numbers) Act 1988	97, 1988	25 Nov 1988	s 29(1): 1 Jan 1989 (s 2(1) and gaz 1988, No S399)	—
Training Guarantee (Administration) Act 1990	60, 1990	16 June 1990	s 43 and 88–95: 31 Oct 1990 (s 2(2) and gaz 1990, No S272) Remainder: 1 July 1990	—
Petroleum Resource Rent Legislation Amendment Act 1991	80, 1991	26 June 1991	1 July 1991	s 32–36 and 44
Taxation Laws Amendment Act (No. 3) 1991	216, 1991	24 Dec 1991	s 113: 1 Mar 1992 (s 2(10) and gaz 1992, No GN7) s 123 and 124: 24 Dec 1991 (s 2(1))	s 114 and 124
Superannuation Guarantee (Consequential Amendments) Act 1992	92, 1992	30 June 1992	1 July 1992	—
Sales Tax Amendment (Transitional) Act 1992	118, 1992	30 Sept 1992	28 Oct 1992	—
Corporate Law Reform Act 1992	210, 1992	24 Dec 1992	s 1–3: 24 Dec 1992 s 26(2) and 28(1): 1 Feb 1994 s 29–173 and 177: 23 June 1993 (gaz 1993, No S186) Remainder: 1 Feb 1993 (gaz 1993, No S25)	—
Taxation Laws Amendment Act (No. 5) 1992	224, 1992	24 Dec 1992	s 113–120: 1 July 1991 (s 2(3))	—
Taxation Laws Amendment Act (No. 3) 1993	118, 1993	24 Dec 1993	s 125, 132 and 133: 1 July 1991 (s 2(2)) s 126–128 and 130: 24 Dec 1993 (s 2(1)) s 129 and 131: 1 July 1993 (s 2(3))	s 127(2), 128(2) and 130(2)
Taxation Laws Amendment Act (No. 4) 1994	181, 1994	19 Dec 1994	Sch 1 (items 22–85): 13 Oct 1994 Remainder: 19 Dec 1992	Sch 5 (item 46(10))
Income Tax (International Agreements) Amendment Act 1995	22, 1995	29 Mar 1995	29 Mar 1995	—
Income Tax (Consequential Amendments) Act 1997	39, 1997	17 Apr 1997	Sch 3 (item 110): 1 July 1997	—
Taxation Laws Amendment Act (No. 3) 1999	11, 1999	31 Mar 1999	Sch 1 (items 281–296): 1 July 1999 (s 2(3))	Sch 1 (items 398(1)–(4), 399)
Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999	44, 1999	17 June 1999	Sch 7 (items 123–125): 1 July 1999 (s 3(2)(e), (16) and gaz 1999, No S283)	s 3(2)(e) (am by 160, 2000, Sch 4 [item 4])
as amended by
Financial Sector Legislation Amendment Act (No. 1) 2000	160, 2000	21 Dec 2000	Sch 1 (item 21): 21 Dec 2000 Remainder: 18 Jan 2001	—
Public Employment (Consequential and Transitional) Amendment Act 1999	146, 1999	11 Nov 1999	Sch 1 (item 732): 5 Dec 1999 (s 2(1), (2))	—
A New Tax System (Indirect Tax and Consequential Amendments) Act (No. 2) 1999	177, 1999	22 Dec 1999	Sch 8 (items 7–18): 1 July 2000 (s 2(9))	—
A New Tax System (Tax Administration) Act 1999	179, 1999	22 Dec 1999	Sch 2 (items 48–58): 22 Dec 2009 (s 2(1))	—
A New Tax System (Tax Administration) Act (No. 1) 2000	44, 2000	3 May 2000	Sch 3 (items 39, 40): 1 July 2000 (s 2(9)) Sch 3 (items 41–45): 22 Dec 1999 (s 2(1))	Sch 3 (items 40, 42, 44)
Taxation Laws Amendment Act (No. 3) 2000	66, 2000	22 June 2000	Sch 6: 22 June 2000 (s 2(1))	Sch 6 (item 3)
A New Tax System (Tax Administration) Act (No. 2) 2000	91, 2000	30 June 2000	Sch 2 (items 54–56): (s 2(1))	—
Corporations (Repeals, Consequentials and Transitionals) Act 2001	55, 2001	28 June 2001	s 4–14 and Sch 3 (items 413–415): 15 July 2001 (s 2(3) and gaz 2001, No S285)	s 4–14
Treasury Legislation Amendment (Application of Criminal Code) Act (No. 2) 2001	146, 2001	1 Oct 2001	s 4 and Sch 4 (items 102–115): 15 Dec 2001 (s 2(1))	s 4
Taxation Laws Amendment Act (No. 6) 2001	169, 2001	1 Oct 2001	Sch 1 (items 1–9): 1 Apr 2002 (s 2(3)) Sch 1 (items 10–12, 15): 1 Oct 2001 s 2(1))	Sch 1 (item 15)
Taxation Laws Amendment Act (No. 3) 2003	101, 2003	14 Oct 2003	Sch 5: 14 Oct 2003	—
Greater Sunrise Unitisation Agreement Implementation Act 2004	47, 2004	21 Apr 2004	Sch 2 (items 1–18): 7 Feb 2007	—
Bankruptcy Legislation Amendment Act 2004	80, 2004	23 June 2004	Sch 1 (items 198, 212, 213, 215): 1 Dec 2004 (gaz 2004, No GN34)	Sch 1 (items 212, 213, 215)
Tax Laws Amendment (2004 Measures No. 7) Act 2005	41, 2005	1 Apr 2005	Sch 5 and Sch 10 (items 225–230): 1 Apr 2005	Sch 5 (item 17) and Sch 10 (item 230)
Offshore Petroleum (Repeals and Consequential Amendments) Act 2006	17, 2006	29 Mar 2006	Sch 2 (items 73–96): 1 July 2008 (s 2(1) item 2)	Sch 2 (items 95, 96)
as amended by
Offshore Petroleum Amendment (Greenhouse Gas Storage) Act 2008	117, 2008	21 Nov 2008	Sch 3 (item 31AB) and Sch 4 (item 5): (see 117, 2008 below)	—
Petroleum Resource Rent Tax Assessment Amendment Act 2006	78, 2006	30 June 2006	Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4)	Sch 1 (item 12), Sch 2 (items 3, 4), Sch 3 (item 9), Sch 4 (item 38) and Sch 5 (item 23)
Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006	101, 2006	14 Sept 2006	Sch 2 (items 1017, 1041–1043) and Sch 6 (items 1, 6–11): 14 Sept 2006	Sch 6 (items 1, 6–11)
Statute Law Revision Act 2007	8, 2007	15 Mar 2007	Sch 4 (item 22): 15 Mar 2007	—
Offshore Petroleum Amendment (Greater Sunrise) Act 2007	49, 2007	10 Apr 2007	Sch 1 (items 88–94, 97): 1 July 2008 (s 2(1) item 2)	Sch 1 (item 97) (am. by 117, 2008, Sch 3 [item 31AA])
as amended by
Offshore Petroleum Amendment (Greenhouse Gas Storage) Act 2008	117, 2008	21 Nov 2008	Sch 3 (item 31AA): (see 117, 2008 below)	—
Offshore Petroleum Amendment (Greenhouse Gas Storage) Act 2008	117, 2008	21 Nov 2008	Sch 2 (items 59–65), Sch 3 (items 31AA, 31AB, 33–50, 52–54) and Sch 4 (items 5–9): 22 Nov 2008 (s 2(1) items 3, 4, 6)	—
Tax Laws Amendment (2009 Measures No. 3) Act 2009	47, 2009	24 June 2009	Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009	Sch 3 (items 20, 36)
Tax Laws Amendment (2009 Measures No. 4) Act 2009	88, 2009	18 Sept 2009	Sch 5 (items 209–230): 18 Sept 2009 (s 2(1) item 7)	—
Offshore Petroleum and Greenhouse Gas Storage Legislation Amendment Act 2009	102, 2009	8 Oct 2009	Sch 1 (item 68): 9 Oct 2009 (s 2(1) item 4)	—
Tax Laws Amendment (Confidentiality of Taxpayer Information) Act 2010	145, 2010	16 Dec 2010	Sch 2 (items 59, 60): 17 Dec 2010 (s 2(1) item 2)	—
Acts Interpretation Amendment Act 2011	46, 2011	27 June 2011	Sch 2 (items 909, 910) and Sch 3 (items 10, 11): 27 Dec 2011 (s 2(1) items 7, 12)	Sch 3 (items 10, 11)
Tax Laws Amendment (2011 Measures No. 8) Act 2011	136, 2011	29 Nov 2011	Sch 2: 29 Nov 2011 (s 2(1) item 2)	Sch 2 (item 3)
Petroleum Resource Rent Tax Assessment Amendment Act 2012	18, 2012	29 Mar 2012	Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8)	Sch 1 (item 46), Sch 2 (item 13) and Sch 4 (item 17)
Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013	88, 2013	28 June 2013	Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16)	—
Tax Laws Amendment (2013 Measures No. 2) Act 2013	124, 2013	29 June 2013	Sch 6: 29 June 2013 (s 2(1) item 1)	Sch 6 (item 11)
Clean Energy Legislation (Carbon Tax Repeal) Act 2014	83, 2014	17 July 2014	Sch 1 (items 316–318, 330): 1 July 2014 (s 2(1) item 2)	Sch 1 (item 330)
Minerals Resource Rent Tax Repeal and Other Measures Act 2014	96, 2014	5 Sept 2014	Sch 1 (items 47–52, 122–124): 30 Sept 2014 (s 2(1) item 2)	Sch 1 (item 122–124)
Tax and Superannuation Laws Amendment (2014 Measures No. 6) Act 2014	133, 2014	12 Dec 2014	Sch 1 (items 30–32): 12 Dec 2014 (s 2(1) item 2)	—
Treasury Legislation Amendment (Repeal Day) Act 2015	2, 2015	25 Feb 2015	Sch 2 (items 2–4, 73, 88, 89, 95–99 and Sch 4 (item 70, 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) Sch 2 (items 35–38): 1 July 2015 (s 2(1) item 4)	Sch 2 (items 73, 95–99) and Sch 4 (item 79)
as amended by
Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015	70, 2015	25 June 2015	Sch 6 (item 64): 25 Feb 2015 (s 2(18))	—
Tax and Superannuation Laws Amendment (2016 Measures No. 2) Act 2017	15, 2017	28 Feb 2017	Sch 4 (item 97): 25 Feb 2015 (s 2(1) item 13) Sch 4 (item 98): 1 July 2015 (s 2(1) item 14)	—
Tax and Superannuation Laws Amendment (2014 Measures No. 7) Act 2015	21, 2015	19 Mar 2015	Sch 7 (items 23, 24): 20 Mar 2015 (s 2(1) item 15) Sch 7 (item 44): 1 July 2012 (s 2(1) item 16)	Sch 7 (item 24)
Acts and Instruments (Framework Reform) (Consequential Provisions) Act 2015	126, 2015	10 Sept 2015	Sch 1 (item 478): 5 Mar 2016 (s 2(1) item 2)	—
Statute Law Revision Act (No. 1) 2016	4, 2016	11 Feb 2016	Sch 5 (item 5): 10 Mar 2016 (s 2(1) item 6)	—
Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016	81, 2016	29 Nov 2016	Sch 10 (items 84, 93): 1 Jan 2017 (s 2(1) item 6)	Sch 10 (item 93)
Offshore Petroleum and Greenhouse Gas Storage Amendment (Petroleum Pools and Other Measures) Act 2017	11, 2017	22 Feb 2017	Sch 2 (items 2, 3): 23 Feb 2017 (s 2(1) item 2)	—
Treasury Laws Amendment (2018 Measures No. 4) Act 2019	8, 2019	1 Mar 2019	Sch 8 (item 14): 1 Apr 2019 (s 2(1) item 11)	—
Treasury Laws Amendment (2019 Petroleum Resource Rent Tax Reforms No. 1) Act 2019	43, 2019	5 Apr 2019	Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1)	Sch 2 (items 85–92)
Treasury Laws Amendment (Laminaria and Corallina Decommissioning Cost Recovery Levy) Act 2022	24, 2022	1 Apr 2022	Sch 1 (items 6, 21): 2 Apr 2022 (s 2(1) item 1)	Sch 1 (item 21)
Treasury Laws Amendment (Tax Accountability and Fairness) Act 2024	37, 2024	31 May 2024	Sch 5: 1 July 2024 (s 2(1) item 4)	Sch 5 (item 18)
Administrative Review Tribunal (Consequential and Transitional Provisions No. 1) Act 2024	38, 2024	31 May 2024	Sch 1 (item 68): 14 Oct 2024 (s 2(1) item 2)	—
Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024	67, 2024	9 July 2024	Sch 2 and Sch 3 (items 8–10): 1 Oct 2024 (s 2(1) item 7)	Sch 2 (item 3) and Sch 3 (items 9, 10)
Treasury Laws Amendment (Fairer for Families and Farmers and Other Measures) Act 2024	136, 2024	10 Dec 2024	Sch 6 (items 10, 11): 11 Dec 2024 (s 2(1) item 11)	Sch 6 (item 11)

Endnote 4Amendment history

Provision affected	How affected
Title...........................................	am. No. 88, 2013
Part I
s 1A...........................................	ad No 146, 2001
Part II
s 2.............................................	am No 80, 1991; No 216, 1991; No 210, 1992; No 11, 1999; No 146, 1999; No 177, 1999; No 55, 2001; No 169, 2001; No 101, 2003; No 47, 2004; No 41, 2005; No 17, 2006; No 78, 2006; No 101, 2006; No 8, 2007; No 49, 2007; No 117, 2008; No 47, 2009; No 88, 2009; No 102, 2009; No 136, 2011; No 18, 2012; No 88, 2013; No 96, 2014; No 2, 2015; No 43, 2019; No 37, 2024; No 38, 2024
s 2AA........................................	ad No 18, 2012
rep No 43, 2019
s 2AB........................................	ad No 96, 2014
rep No 43, 2019
s 2AC........................................	ad No 96, 2014
rep No 43, 2019
s 2A...........................................	ad No 80, 1991
am No 4, 2016
s 2B...........................................	ad No 80, 1991
am No 55, 2001; No 78, 2006; No 47, 2009
s 2BA........................................	ad No 47, 2009
s 2C...........................................	ad No 47, 2004
am No 49, 2007; No 117, 2008; No 37, 2024
s 2D...........................................	ad No 78, 2006
am No 46, 2011
s 2E...........................................	ad No 136, 2011
am No 18, 2012
s 3.............................................	am No 17, 2006; No 117, 2008; No 11, 2017
s 4.............................................	am No 80, 1991
s 4A...........................................	ad No 18, 2012
am No 88, 2013
s 4B...........................................	ad No 18, 2012
am No 88, 2013
s 4C...........................................	ad No 18, 2012
am No 88, 2013
s 5.............................................	am No 47, 2009
s 10............................................	rs No 47, 2009
am No 88, 2013
Part III
s 15............................................	am No 145, 2010
s 17............................................	am No 97, 1988; No 146, 2001; No 78, 2006
rep No 145, 2010
s 18............................................	am No 88, 2009
rep No 145, 2010
Part IV
s 19............................................	am No 80, 1991; No 101, 2003; No 47, 2009; No 18, 2012
s 20............................................	am No 88, 2009; No 18, 2012; No 88, 2013; No 43, 2019; No 38, 2024
Part V
Division 1
s 22............................................	rs No 80, 1991
am No 47, 2004; No 18, 2012; No 37, 2024
Division 2
s 22B.........................................	ad No 177, 1999
s 23............................................	am No 101, 2003; No 47, 2004; No 49, 2007; No 117, 2008; No 18, 2012
s 24............................................	am No 169, 2001; No 101, 2003; No 78, 2006; No 18, 2012; No 43, 2019
s 24A.........................................	ad No 101, 2003
am No 47, 2009
s 26............................................	am No 169, 2001; No 136, 2024
s 27............................................	am No 78, 2006
s 28............................................	am No 18, 2012; No 83, 2014
s 29A.........................................	ad No 18, 2012
am No 43, 2019
s 30............................................	am No 18, 2012
s 31............................................	am No 80, 1991; No 18, 2012; No 43, 2019
s 31A.........................................	ad No 80, 1991
s 31AA......................................	ad No 18, 2012
rs No 43, 2019
Division 3
s 31B.........................................	ad No 177, 1999
s 32............................................	am No 80, 1991; No 18, 2012; No 43, 2019; No 37, 2024
s 33............................................	am No 80, 1991; No 18, 2012
s 34............................................	am No 80, 1991; No 18, 2012
s 34A.........................................	ad No 80, 1991
am No 169, 2001; No 17, 2006; No 117, 2008; No 18, 2012; No 43, 2019
s 35............................................	am No 80, 1991; No 18, 2012; No 21, 2015; No 43, 2019
s 35A.........................................	ad No 80, 1991
am No 18, 2012; No 43, 2019
s 35B.........................................	ad No 80, 1991
am No 18, 2012
s 35C.........................................	ad No 18, 2012
am No 88, 2013; No 43, 2019
s 35D.........................................	ad No 18, 2012
rep No 43, 2019
s 35E.........................................	ad No 18, 2012
am No 88, 2013; No 43, 2019
s 35F..........................................

ad No 37, 2024
s 36............................................	am No 80, 1991
s 36A.........................................	ad No 41, 2005
am No 17, 2006; No 18, 2012; No 43, 2019
s 36B.........................................	ad No 41, 2005
am No 17, 2006; No 117, 2008; No 47, 2009; No 88, 2009; No 46, 2011; No 18, 2012; No 126, 2015; No 43, 2019
s 36C.........................................	ad No 41, 2005
s 37............................................	am No 101, 2003; No 47, 2009; No 18, 2012; No 124, 2013; No 96, 2014; No 43, 2019; No 67, 2024
s 38............................................	am No 101, 2003; No 47, 2009; No 124, 2013
s 39............................................	am No 78, 2006; No 124, 2013
s 40............................................	am No 80, 2004
s 41............................................	am No 101, 2003; No 47, 2009; No 88, 2013; No 124, 2013
s 44............................................	am No 39, 1997; No 177, 1999; No 78, 2006; No 18, 2012; No 83, 2014; No 43, 2019; No 24, 2022
s 45............................................	rs No 80, 1991; No 18, 2012
am No 88, 2013; No 43, 2019
Division 3A
Division 3A................................	ad No 80, 1991
s 45A.........................................	ad No 80, 1991
am No 118, 1993; No 146, 2001; No 41, 2005; No 78, 2006; No 18, 2012
s 45B.........................................	ad No 80, 1991
am No 118, 1993; No 146, 2001; No 41, 2005; No 78, 2006; No 18, 2012
s 45C.........................................	ad No 80, 1991
am No 41, 2005
s 45D.........................................	ad No 80, 1991
am No 18, 2012
s 45E.........................................	ad No 78, 2006
am No 18, 2012
Division 4
s 46............................................	am No 47, 2004; No 47, 2009
Division 5
s 48............................................	am No 224, 1992; No 66, 2000; No 78, 2006; No 18, 2012; No 88, 2013; No 43, 2019
s 48A.........................................	ad No 118, 1993
am No 78, 2006; No 18, 2012; No 88, 2013; No 43, 2019
Division 6
Subdivision A
s 51A.........................................	ad No 67, 2024
s 52............................................	rs No 67, 2024
s 53............................................	am No 216, 1991; No 67, 2024
s 54............................................	rep No 78, 2006
s 55............................................	am No 22, 1995
Subdivision B
s 57............................................	am No 169, 2001; No 18, 2012; No 88, 2013
Division 7
Division 7..................................	ad No 47, 2009
s 58A.........................................	ad No 47, 2009
s 58B.........................................	ad No 47, 2009
am No 18, 2012; No 88, 2013
s 58C.........................................	ad No 47, 2009
am No 88, 2013
s 58D.........................................	ad No 47, 2009
am No 88, 2013
s 58E.........................................	ad No 47, 2009
s 58F..........................................	ad No 47, 2009
am No 88, 2013
s 58G.........................................	ad No 47, 2009
s 58H.........................................	ad No 47, 2009
s 58J..........................................	ad No 47, 2009
am No 88, 2013
s 58K.........................................	ad No 47, 2009
am No 88, 2013; No 43, 2019
s 58L.........................................	ad No 47, 2009
am No 88, 2013
s 58M........................................	ad No 47, 2009
am No 88, 2013; No 43, 2019
Division 8..................................	ad No 18, 2012
rep No 43, 2019
s 58N.........................................	ad No 18, 2012
am No 88, 2013
rep No 43, 2019
s 58P..........................................	ad No 18, 2012
rs No 88, 2013
rep No 43, 2019
s 58Q.........................................	ad No 18, 2012
am No 88, 2013
rep No 43, 2019
s 58R.........................................	ad No 18, 2012
am No 88, 2013
rep No 43, 2019
s 58RA.......................................	ad No 88, 2013
rep No 43, 2019
s 58S..........................................	ad No 18, 2012
rep No 43, 2019
s 58T.........................................	ad No 18, 2012
am No 133, 2014
rep No 43, 2019
s 58U.........................................	ad No 18, 2012
am No 88, 2013
rep No 43, 2019
s 58V.........................................	ad No 18, 2012
am No 88, 2013
rep No 43, 2019
s 58W........................................	ad No 88, 2013
rep No 43, 2019
Part VI
Division 1
s 59............................................	am No 118, 1993; No 41, 2005; No 78, 2006
s 60............................................	am No 78, 2006
Division 2
Division 2..................................	rs No 78, 2006
s 61............................................	am No 146, 2001
rs No 78, 2006
am No 18, 2012; No 43, 2019
s 62............................................	rs No 78, 2006
s 63............................................	rs No 78, 2006
s 64............................................	am No 80, 1991
rs No 78, 2006
s 65............................................	am No 216, 1991; No 181, 1994; No 11, 1999; No 44, 2000
rs No 78, 2006
s 66............................................	rs No 78, 2006
Division 3
Division 3..................................	ad No 78, 2006
s 67............................................	rs No 78, 2006
am No 18, 2012; No 43, 2019
s 68............................................	rs No 78, 2006
s 69............................................	rs No 78, 2006
s 69A.........................................	ad No 216, 1991
rep No 78, 2006
s 70............................................	rep No 216, 1991
ad No 78, 2006
s 71............................................	rep No 216, 1991
ad No 78, 2006
s 72............................................	rep No 216, 1991
ad No 78, 2006
Part VII......................................	rep No 216, 1991
ss 73–81.....................................	rep No 216, 1991
Part VIII
Division 1
s 82............................................	rs No 78, 2006
am No 179, 1999
rep No 78, 2006
s 83............................................	rep No 179, 1999
s 84............................................	rep No 179, 1999
s 85............................................	rs No 11, 1999
am No 78, 2006; No 101, 2006
s 86............................................	rep No 179, 1999
s 87............................................	rep No 179, 1999
s 88............................................	am No 60, 1990; No 92, 1992; No 118, 1992
rep No 179, 1999
s 89............................................	rep No 179, 1999
s 90............................................	am No 216, 1991
rep No 179, 1999
s 91............................................	am No 44, 1999
rep No 179, 1999
s 92............................................	am No 78, 2006
Division 2
s 93............................................	am No 44, 2000; No 88, 2013; No 43, 2019
s 95............................................	am No 44, 2000
s 97............................................	am No 80, 1991; No 169, 2001; No 78, 2006; No 18, 2012; No 88, 2013; No 43, 2019; No 37, 2024
s 98............................................	am No 41, 2005
s 98A.........................................	ad No 78, 2006
am No 18, 2012
s 98B.........................................	ad No 78, 2006
am No 18, 2012
s 98C.........................................	ad No 78, 2006; No 2, 2015
am No 81, 2016
s 98D.........................................	ad No 78, 2006
Part IX.......................................	rep No 2, 2015
s 100A.......................................	ad No 91, 2000
rep No 2, 2015
s 101..........................................	rep No 2, 2015
s 102..........................................	am No 2, 2015
rep No 2, 2015
am No 2, 2015 (amdt never applied (Sch 2 item 36))
s 103..........................................	rep No 2, 2015
s 104..........................................	rep No 2, 2015
Part X
s 105..........................................	rep No 2, 2015
s 106..........................................	am No 216, 1991; No 78, 2006
rep No 2, 2015
s 106A.......................................	ad No 169, 2001
s 107..........................................	am No 91, 2000
rep No 2, 2015
s 108..........................................	am No 88, 2009
rep No 2, 2015
s 108A.......................................	ad No 88, 2013
rep No 8, 2019
s 109..........................................	am No 78, 2006; No 88, 2013; No 43, 2019
s 110..........................................	rep No 179, 1999
s 111..........................................	rep No 179, 1999
s 112..........................................	am No 91, 2000; No 146, 2001
s 114..........................................	am No 78, 2006
Schedule 1
Schedule heading........................	rep No 18, 2012
Schedule 1 heading......................	ad No 18, 2012
Schedule....................................	ad No 80, 1991
am No 224, 1992; No 118, 1993; No 169, 2001; No 47, 2004; No 41, 2005; No 17, 2006; No 78, 2006; No 117, 2008; No 18, 2012
Schedule 1..................................	am No 88, 2013; No 21, 2015; No 43, 2019; No 37, 2024
Schedule 2..................................	ad No 18, 2012
rep No 43, 2019
c 1.............................................	ad No 18, 2012
rep No 43, 2019
c 2.............................................	ad No 18, 2012
rep No 43, 2019
c 3.............................................	ad No 18, 2012
am No 88, 2013
rep No 43, 2019
c 4.............................................	ad No 18, 2012
rep No 43, 2019
c 5.............................................	ad No 18, 2012
am No 88, 2013
rep No 43, 2019
c 6.............................................	ad No 18, 2012
rep No 43, 2019
c 7.............................................	ad No 18, 2012
am No 88, 2013
rep No 43, 2019
c 8.............................................	ad No 18, 2012
rep No 43, 2019
c 9.............................................	ad No 18, 2012
rep No 43, 2019
c 10...........................................	ad No 18, 2012
am No 88, 2013
rep No 43, 2019
c 11...........................................	ad No 18, 2012
rep No 43, 2019
c 12...........................................	ad No 18, 2012
rep No 43, 2019
c 13...........................................	ad No 18, 2012
rep No 43, 2019
c 14...........................................	ad No 18, 2012
rep No 43, 2019
c 15...........................................	ad No 18, 2012
am No 88, 2013
rep No 43, 2019
c 16...........................................	ad No 18, 2012
rep No 43, 2019
c 17...........................................	ad No 18, 2012
rep No 43, 2019
c 18...........................................	ad No 18, 2012
am No 88, 2013
rep No 43, 2019
c 19...........................................	ad No 18, 2012
am No 88, 2013
rep No 43, 2019
c 20...........................................	ad No 18, 2012
rep No 43, 2019
c 21...........................................	ad No 18, 2012
rep No 43, 2019
c 21A.........................................	ad No 88, 2013
rep No 43, 2019
c 22...........................................	ad No 18, 2012
rep No 43, 2019
c 23...........................................	ad No 18, 2012
am No 88, 2013; No 2, 2015
rep No 43, 2019