Petroleum and Minerals Authority Act 1973

For the purposes of this Act, the profits of the Authority for a financial year are the amount, if any, remaining after deducting from the revenue received or receivable in respect of that financial year the expenditure, and provision for expenditure, properly chargeable against that revenue, including provision in respect of income tax payable by the Authority in relation to that financial year.

The profits of the Authority for a financial year shall be applied in such manner as the Minister, with the concurrence of the Treasurer, determines.

In making a determination under sub-section (2), regard shall be had to any advice which the Authority has furnished to the Minister in relation to the financial affairs of the Authority.