PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987 No. 142, 1987
PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987 No. 142, 1987 - TABLE OF PROVISIONS
TABLE OF PROVISIONS PART I-PRELIMINARYSection 1. Short title PART II-INTERPRETATION 2. Defined terms 3. Petroleum pools 4. Relationship between licences, permits and leases, &c. 5. Petroleum exploration and recovery in relation to certain areas 6. Termination of use of property in relation to a petroleum project 7. Property installed ready for use 8. Consideration not in cash 9. Amounts credited, reinvested, &c., to be taken to be receivable 10. Amounts to be expressed in Australian currency 11. Residence 12. Partnerships 13. Unincorporated associations 14. Application of Act PART III-ADMINISTRATION 15. General administration of Act 16. Annual report 17. Secrecy 18. Application of Part in relation to section 20 PART IV-PETROLEUM PROJECTS 19. Petroleum project 20. Combining of petroleum projects PART V-LIABILITY TO TAXATION Division 1-Liability to tax on taxable profit 21. Liability to pay tax 22. Taxable profit Division 2-Assessable receipts 23. Assessable receipts 24. Assessable petroleum receipts 25. Assessable exploration recovery receipts 26. Amounts notionally derived where no sale of petroleum, &c. 27. Assessable property receipts 28. Assessable miscellaneous compensation receipts 29. Assessable employee amenities receipts 30. Reduction of amount of assessable property, &c., receipts 31. Time of derivation of receipts Division 3-Deductible expenditure 32. Deductible expenditure 33. Augmented bond rate general expenditure 34. Augmented bond rate exploration expenditure 35. GDP factor expenditure 36. Augmented bond rate exploration and GDP factor expenditures in relation to project groups 37. Exploration expenditure 38. General project expenditure 39. Closing-down expenditure 40. Bad debts 41. Effect of procuring the carrying on of operations, &c., by others 42. Expenditure on property for partial project use 43. Deferred use of property on project, &c. 44. Excluded expenditure 45. Time of incurring of expenditure Division 4-Tax credits 46. Credits in respect of closing-down expenditure 47. Application of credits Division 5-Effect of certain transactions 48. Transfer of entire entitlement to assessable receipts 49. Transfer before 1 July 1984 of partial entitlement to assessable receipts Division 6-Anti-avoidance Subdivision A-Arrangements to obtain tax benefits 50. Arrangements 51. Tax benefits 52. Arrangements to which Subdivision applies 53. Cancellation of tax benefits, &c. 54. Amendment of assessments 55. Operation of Subdivision Subdivision B-Non-arm's length transactions 56. Arm's length transaction 57. Non-arm's length receipts 58. Non-arm's length expenditure PART VI-RETURNS AND ASSESSMENTS Division 1-Returns 59. Annual returns
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60. Other returns 61. Certificate of sources of information Division 2-Assessments 62. Assessments 63. Default assessments 64. Amendment of assessments 65. Payment of interest where assessment amended 66. Refund of amounts overpaid 67. Amended assessment to be an assessment 68. Notice of assessment 69. Validity of assessment PART VII-OBJECTIONS, REVIEWS AND APPEALS 70. Interpretation 71. Objections 72. Request for reference 73. Applications for extension of time 74. Consideration of applications for extension of time for lodging objections 75. Consideration of applications for extension of time for lodging requests for reference 76. Reference to Tribunal or Court 77. Notice to refer 78. Procedure on review or appeal 79. Powers of Federal Court on appeal 80. Implementation of decisions 81. Pending review or appeal not to affect assessment PART VIII-COLLECTION AND RECOVERY OF TAX Division 1-General 82. When tax payable 83. Persons leaving Australia 84. Extension of time and payment by instalments 85. Penalty for unpaid tax 86. Recovery of tax 87. Substituted service 88. Liquidators, &c. 89. Recovery of tax from trustee of deceased person 90. Where no administration of deceased person's estate 91. Commissioner may collect tax from person owing money to person liable to tax 92. Person in receipt or control of money of non-resident Division 2-Collection by instalments 93. Interpretation 94. Liability to pay instalments of tax 95. When instalment of tax is payable 96. Amount of instalment of tax