Petroleum Resource Rent Tax Assessment Act 1987

S 2B(1) amended by No 47 of 2009 , s 3 and Sch 3 item 11, by inserting " at all times " before " during so much " , applicable in relation to instalments and assessments of tax under the Petroleum Resource Rent Tax Assessment Act 1986 for years of tax that start on or after 1 July 2009.

S 2B(1A) inserted by No 47 of 2009 , s 3 and Sch 3 item 12, applicable in relation to instalments and assessments of tax under the Petroleum Resource Rent Tax Assessment Act 1986 for years of tax that start on or after 1 July 2009.

S 2B(2) substituted by No 47 of 2009 , s 3 and Sch 3 item 13, applicable in relation to instalments and assessments of tax under the Petroleum Resource Rent Tax Assessment Act 1986 for years of tax that start on or after 1 July 2009. S 2B(2) formerly read:

2B(2)
For the purposes of this section, a company (in this subsection called the subsidiary company ) is a subsidiary of another company (in this subsection called the holding company ) during a period if:

(a) at all times during the period, all the shares in the subsidiary company were beneficially owned by:

(i) the holding company; or

(ii) a company that is, or 2 or more companies each of which is, a subsidiary of the holding company; or

(iii) the holding company and a company that is, or 2 or more companies each of which is, a subsidiary of the holding company; and

(b) there was no agreement, arrangement or understanding in force during any part of the period under which any person was able, or would be able after the period, to affect rights of the holding company or of a subsidiary of the holding company in relation to the subsidiary company.

S 2B(3) amended by No 47 of 2009 , s 3 and Sch 3 item 14, by substituting " this Act " for " this section " , applicable in relation to instalments and assessments of tax under the Petroleum Resource Rent Tax Assessment Act 1986 for years of tax that start on or after 1 July 2009.

S 2B(4A) inserted by No 47 of 2009 , s 3 and Sch 3 item 15, applicable in relation to instalments and assessments of tax under the Petroleum Resource Rent Tax Assessment Act 1986 for years of tax that start on or after 1 July 2009.

S 2B(4B) inserted by No 47 of 2009 , s 3 and Sch 3 item 15, applicable in relation to instalments and assessments of tax under the Petroleum Resource Rent Tax Assessment Act 1986 for years of tax that start on or after 1 July 2009.

S 2B(5) amended by No 78 of 2006, s 3 and Sch 5 item 1, by substituting " For " for " Subject to subsections (6) and (7), for " , applicable only in relation to returns, assessments, notices and certificates under the Petroleum Resource Rent Tax Assessment Act 1987 in relation to financial years that start on or after 1 July 2006.

S 2B(6) repealed by No 78 of 2006, s 3 and Sch 5 item 2, applicable only in relation to returns, assessments, notices and certificates under the Petroleum Resource Rent Tax Assessment Act 1987 in relation to financial years that start on or after 1 July 2006. S 2B(6) formerly read:

2B(6)
For the purposes of subsection (1), where:

(a) at a particular time (in this subsection called the acquisition time ), one or more companies acquired all the shares in another company (in this subsection called the shelf company ) from the shareholders in the shelf company; and

(b) the shelf company was dormant, within the meaning of section 62 of the Corporations Act 2001 , throughout the period (in this subsection called the dormant period ) starting on the day on which the shelf company was incorporated and ending at the acquisition time;

the shelf company is taken not to have been in existence during the dormant period.

S 2B(6) amended by No 55 of 2001, s 3 and Sch 3 item 415, by substituting `` Corporations Act 2001 '' for ``Corporations Law'' in para (b), effective 15 July 2001.

S 2B(7) repealed by No 78 of 2006, s 3 and Sch 5 item 2, applicable only in relation to returns, assessments, notices and certificates under the Petroleum Resource Rent Tax Assessment Act 1987 in relation to financial years that start on or after 1 July 2006. S 2B(7) formerly read:

2B(7)
For the purposes of subsection (1), where:

(a) a company (in this subsection called the shelf company ) has issued shares (in this subsection called the newly issued shares ) to another company or companies; and

(b) immediately before the issue of the shares, a person or persons held other shares in the shelf company; and

(c) immediately after the issue of the shares, the shelf company redeemed all the shares in the shelf company other than the newly issued shares; and

(d) the shelf company was dormant, within the meaning of section 62 of the Corporations Act 2001 , throughout the period (in this subsection called the dormant period ) starting on the day on which the shelf company was incorporated and ending immediately before the issue of the shares;

the shelf company is taken not to have been in existence during the dormant period.

S 2B(7) amended by No 55 of 2001, s 3 and Sch 3 item 415, by substituting `` Corporations Act 2001 '' for ``Corporations Law'' in para (d), effective 15 July 2001.