Petroleum Resource Rent Tax Assessment Act 1987
Where, in relation to a petroleum project and a year of tax, the assessable receipts derived by a person exceed the sum of:
(a) the deductible expenditure incurred by the person; and
(b) the total of the amounts (if any) transferred by the person to the project in relation to the year of tax under section 45A ; and
(c) the total of the amounts (if any) transferred by another person to the person in relation to the project and the year of tax under section 45B ;
the person is taken for the purposes of this Act to have a taxable profit in relation to the project and the year of tax of an amount equal to the excess.
Note:
because of subsection 45D(2) , some transfers of expenditure are taken to be transfers of amounts compounded in accordance with Part 7 of Schedule 1 .
Allowing for Greater Sunrise apportionments
22(2)
However, if the petroleum project is a Greater Sunrise project, the person is taken for the purposes of this Act to have a taxable profit in relation to the project and the year of tax of an amount worked out using the following formula:
Initial taxable profit × Apportionment percentage figure |
100 |
apportionment percentage figure
has the meaning given by subsection
2C(2)
.
initial taxable profit
means the amount of taxable profit worked out under subsection (1) ignoring this subsection.
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