Petroleum Resource Rent Tax (Imposition—Customs) Act 2012 (Cth)

Petroleum Resource Rent Tax (Imposition—Customs) Act 2012

No. 19, 2012

An Act to impose a tax in respect of the profits of certain petroleum projects, so far as that tax is a duty of customs

Contents

Petroleum Resource Rent Tax (Imposition—Customs) Act 2012

No. 19, 2012

An Act to impose a tax in respect of the profits of certain petroleum projects, so far as that tax is a duty of customs

[Assented to 29 March 2012]

The Parliament of Australia enacts:

1Short title

This Act may be cited as the Petroleum Resource Rent Tax (Imposition—Customs) Act 2012.

2Commencement

This Act commences on 1 July 2012.

3Incorporation

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

4Imposition of tax

1. (1)

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

2. (2)

   However, this section imposes that tax only so far as it is a duty of customs within the meaning of section 55 of the Constitution.

3. (3)

   This section applies in relation to the year of tax beginning on 1 July 1986 and later years of tax.

5Rate of tax

The rate of tax in respect of the taxable profit of a person of a year of tax in relation to a petroleum project is 40%.

6Act does not impose a tax on property of a State

1. (1)

   This Act does not impose a tax on property of any kind belonging to a State.

2. (2)

   In this section, property of any kind belonging to a State has the same meaning as in section 114 of the Constitution.

[Minister’s second reading speech made in—

House of Representatives on 2 November 2011

Senate on 7 February 2012]

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