Petroleum Resource Rent Tax (Imposition—General) Act 2012
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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
2 Commencement
3 Incorporation
4 Imposition of tax
5 Rate of tax
6 Act does not impose a tax on property of a State
View image in the official source
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)