Petroleum Resource Rent Tax Act 1987
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Petroleum Resource Rent Tax Act 1987
No. 143 of 1987
An Act to impose a tax in respect of the profits of certain petroleum projects
Contents
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Petroleum Resource Rent Tax Act 1987
No. 143 of 1987
An Act to impose a tax in respect of the profits of certain petroleum projects
[Assented to 18 December 1987]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Petroleum Resource Rent Tax Act 1987.
2 Commencement
This Act shall come into operation on the day on which the Petroleum Resource Rent Tax Assessment Act 1987 comes into operation.
3 Incorporation
The Petroleum Resource Rent Tax Assessment Act 1987 is incorporated and shall be read as one with this Act.
4 Imposition of tax
Tax is imposed in respect of the taxable profit of a person of a year of tax in relation to a petroleum project.
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%.