1Petroleum Resource Rent Tax (Imposition—General) Act 2012

--- 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 (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        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)