{"id":"C2004A03553","name":"Petroleum Resource Rent Tax (Interest on Underpayments) Act 1987","slug":"petroleum-resource-rent-tax-interest-on-underpayments-act-1987","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"144 of 1987","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":7383,"registerId":"commonwealth-C2004A03553-current","compilationNumber":null,"startDate":"2026-03-30","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Petroleum Resource Rent Tax (Interest on Underpayments) Act 1987","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\n![](image.001.png)\n\n \n\n \n\n \n\n \n\n \n\n \n\nPetroleum Resource Rent Tax (Interest on Underpayments) Act 1987\n\n \n\nNo. 144 of 1987\n\n \n\n \n\n \n\n \n\n \n\nAn Act to impose an interest charge in respect of underpayments of certain amounts payable under the Petroleum Resource Rent Tax Assessment Act 1987\n\n \n\n \n\n \n\nContents\n\n[1 Short title](#_Toc425252445)\n\n[2 Commencement](#_Toc425252446)\n\n[3 Imposition of interest charge](#_Toc425252447)\n\n![](image.001.png)\n\n \n\n \n\nPetroleum Resource Rent Tax (Interest on Underpayments) Act 1987\n\n \n\nNo. 144 of 1987\n\n \n\n \n\n \n\nAn Act to impose an interest charge in respect of underpayments of certain amounts payable under the Petroleum Resource Rent Tax Assessment Act 1987\n\n[Assented to 18 December 1987]\n\nThe Parliament of Australia enacts:\n\n##### 1  Short title\n\n  This Act may be cited as the Petroleum Resource Rent Tax (Interest on Underpayments) Act 1987.\n\n##### 2  Commencement\n\n  This Act shall come into operation on the day on which the Petroleum Resource Rent Tax Assessment Act 1987 comes into operation.\n\n##### 3  Imposition of interest charge\n\n  Interest that is payable in accordance with section 65 of the Petroleum Resource Rent Tax Assessment Act 1987 is imposed by this Act.\n\n \n\n \n\n \n\n \n","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":1,"scope_assessment":{"changed":false,"description":"This Act has remained exactly as intended — a brief, technical imposition statute that simply validates interest charges calculated elsewhere. It has not expanded beyond its original narrow purpose."},"complexity_factors":["Only 3 operative sections","No defined terms in the Act itself","Single cross-reference to section 65 of another Act","No conditional logic, exceptions, or procedural requirements","Total length is approximately 200 words","Purely mechanical imposition statute with no substantive rules"],"plain_english_summary":"This short law formally imposes an interest charge on unpaid or underpaid Petroleum Resource Rent Tax (PRRT), making the interest rules set out in the Petroleum Resource Rent Tax Assessment Act 1987 legally enforceable. It primarily affects oil and gas companies and any taxpayers with PRRT liabilities, serving as a technical but essential mechanism to allow the government to collect interest on underpayments."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"No change from the Act's stated purpose: it simply imposes an interest charge on PRRT underpayments and delegates the calculation/administration to section 65 of the Petroleum Resource Rent Tax Assessment Act 1987. The scope is narrowly confined to that imposition and tied to the Assessment Act's commencement."},"complexity_factors":["Very short, single-purpose statute (three sections only).","Relies on a cross‑reference to section 65 of the Petroleum Resource Rent Tax Assessment Act 1987 for the substantive calculation — requires consultation of that Act to apply.","Does not specify interest rate, calculation method, or administrative procedures within this Act itself (those mechanics sit in the Assessment Act).","Commencement is tied to the Assessment Act, creating a dependency for operational timing.","Low number of potential compliance obligations in this Act itself, but practical compliance complexity depends on rules in the referenced section 65.","Limited statutory discretion in this instrument; any discretion or exceptions would appear in the Assessment Act, not here."],"plain_english_summary":"This Act requires interest to be charged on underpayments of amounts payable under the Petroleum Resource Rent Tax Assessment Act 1987. It takes effect when that Assessment Act commences and makes interest payable in accordance with section 65 of the Assessment Act. Who pays: taxpayers who underpay PRRT. Effect: it creates a direct cash cost for late or short PRRT payments and shifts incentives toward timely and accurate PRRT reporting; the detailed calculation and any administrative discretion are determined by section 65 (Assessment Act)."}},"importantCases":[],"_links":{"self":"/api/acts/petroleum-resource-rent-tax-interest-on-underpayments-act-1987","history":"/api/acts/petroleum-resource-rent-tax-interest-on-underpayments-act-1987/history","analysis":"/api/acts/petroleum-resource-rent-tax-interest-on-underpayments-act-1987/analysis","conflicts":"/api/acts/petroleum-resource-rent-tax-interest-on-underpayments-act-1987/conflicts","importantCases":"/api/acts/petroleum-resource-rent-tax-interest-on-underpayments-act-1987/important-cases","documents":"/api/acts/petroleum-resource-rent-tax-interest-on-underpayments-act-1987/documents"}}