1Petroleum Resource Rent Tax Act 1987

--- meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8 --- ?xml version="1.0" encoding="utf-8" standalone="no"?>              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 [1 Short title](#_Toc425251452) [2 Commencement](#_Toc425251453) [3 Incorporation](#_Toc425251454) [4 Imposition of tax](#_Toc425251455) [5 Rate of tax](#_Toc425251456)        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%.