Petroleum Resource Rent Tax (Imposition—General) Act 2012
 
No. 21, 2012
 
 
 
 
 
An Act to impose a tax in respect of the profits of certain petroleum projects, so far as that tax is neither a duty of customs nor a duty of excise
  
  
  
Contents
1............ Short title............................................................................................. 1
2............ Commencement................................................................................... 2
3............ Incorporation....................................................................................... 2
4............ Imposition of tax................................................................................. 2
5............ Rate of tax........................................................................................... 2
6............ Act does not impose a tax on property of a State................................ 2
 

 
 
Petroleum Resource Rent Tax (Imposition—General) Act 2012
No. 21, 2012
 
 
 
An Act to impose a tax in respect of the profits of certain petroleum projects, so far as that tax is neither a duty of customs nor a duty of excise
[Assented to 29 March 2012]
The Parliament of Australia enacts:
1  Short title
                   This Act may be cited as the Petroleum Resource Rent Tax (Imposition—General) Act 2012.
2  Commencement
                   This Act commences on 1 July 2012.
3  Incorporation
                   The Petroleum Resource Rent Tax Assessment Act 1987 is incorporated and is to be read as one with this Act.
4  Imposition of tax
             (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)  However, this section imposes that tax only so far as it is neither a duty of customs nor a duty of excise within the meaning of section 55 of the Constitution.
             (3)  This section applies in relation to the year of tax beginning on 1 July 1986 and later years of tax.
5  Rate 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%.
6  Act does not impose a tax on property of a State
             (1)  This Act does not impose a tax on property of any kind belonging to a State.
             (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]
(228/11)