Tax Laws Amendment (2009 Measures No. 3) Act 2009 (47 of 2009)

Schedule 3   Petroleum resource rent tax

Part 3   Processing of internal petroleum

Petroleum Resource Rent Tax Assessment Act 1987

26   Section 2

Insert:

internal petroleum , in relation to a petroleum project, means petroleum, or constituents of petroleum, recovered from the production licence area or production licence areas in relation to the project, where:

(a) the petroleum, or the constituents of petroleum, is, or is to be, recovered or processed:

(i) by a person entitled to derive assessable receipts in relation to the project; and

(ii) for or on behalf of another person who is entitled to derive assessable receipts in relation to the project; or

(b) the petroleum, or the constituents of petroleum, is, or is to be, sold:

(i) by a person entitled to derive assessable receipts in relation to the project; and

(ii) to another person who is entitled to derive assessable receipts in relation to the project.