Federal Register of Legislation - Australian Government

Primary content

Petroleum Resource Rent Tax Act 1987

Act No. 143 of 1987 as made
An Act to impose a tax in respect of the profits of certain petroleum projects
Administered by: Treasury
General Comments: For application and transitional provisions see Act No. 18, 2012 Schedule 6 (items 4 and 5).
Date of Assent 18 Dec 1987
Date of repeal 01 Jul 2012
Repealed by Petroleum Resource Rent Tax Assessment Amendment Act 2012
Table of contents.

 

 

 

 

 

 

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

  

  

  



 

 

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%.