A New Tax System (Indirect Tax and Consequential Amendments) Act (No. 2) 1999 (177 of 1999)

Schedule 8  

Petroleum Resource Rent Tax Assessment Act 1987

14   Section 2

Insert:

market value , of a commodity, at a particular time, is its market value reduced by an amount equal to the amount of the input tax credit (if any) to which a person would be entitled if:

(a) the person had acquired the commodity at that time; and

(b) the acquisition had been solely for a creditable purpose.