1Short title
This Act may be cited as the Petroleum Resource Rent Tax (Imposition—General) Act 2012.
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Bill homepage (APH)This Act may be cited as the Petroleum Resource Rent Tax (Imposition—General) Act 2012.
This Act commences on 1 July 2012.
The Petroleum Resource Rent Tax Assessment Act 1987 is incorporated and is to be read as one with this Act.
Tax is imposed in respect of the taxable profit of a person of a year of tax in relation to a petroleum project.
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.
This section applies in relation to the year of tax beginning on 1 July 1986 and later years 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%.
This Act does not impose a tax on property of any kind belonging to a State.
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)