Petroleum Resource Rent Tax Assessment Act 1987
[
CCH Note:
No 18 of 2012, s 3 and Sch 1 item 46 contains the following transitional provision:
46 Transitional
46
Division
2
of Part
VIII
of the
Petroleum Resource Rent Tax Assessment Act 1987
(collection by instalments) does not apply, in respect of the year of tax commencing on 1 July 2012, in relation to an onshore petroleum project or the North West Shelf project.]
Where:
(a) a person has paid an amount in respect of an instalment of tax in respect of a year of tax, in relation to a petroleum project (including in the case of a combined project any pre-combination project in relation to the project); and
(b) an assessment has been made of the amount of tax payable by the person in respect of the year of tax in relation to the project;
the Commissioner shall credit the amount so paid in payment successively of:
(c) any tax payable by the person in respect of the year of tax in respect of the petroleum project, whether or not that tax is due for payment; and
(d) any other liability to the Commonwealth of the person entitled to the credit arising under or by virtue of this Act or any other Act of which the Commissioner has the general administration;
and shall refund to the person so much of the amount as is not credited.
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