Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 (88 of 2013)

Schedule 7   Miscellaneous amendments

Part 1   Resource rent taxation

Petroleum Resource Rent Tax Assessment Act 1987

129   After section 58R

Insert:

58RA Interests taken to be transferred when combined with offshore interests

(1) If:

(a) after a person's interest in an onshore petroleum project is taken to be transferred to the head company or provisional head company, the project becomes part of a combined project of which another petroleum project that is not an onshore petroleum project is also a part; and

(b) the entitlement comprising the person's interest in the project just after that time is all of the entitlement comprising the company's interest in the project just before that time;

section 48 applies as if, at that time, the person's interest in the project just after that time had been transferred from the company under a transaction of a kind referred to in subsection 48(1A), and as if the person had given the consideration referred to in paragraph 48(1A)(c).

(2) If:

(a) after a person's interest in an onshore petroleum project is taken to be transferred to the head company or provisional head company, the project becomes part of a combined project of which another petroleum project that is not an onshore petroleum project is also a part; and

(b) the entitlement comprising the person's interest in the project just after that time is part, but not all, of the entitlement comprising the company's interest in the project just before that time;

section 48A applies as if, at that time, the person's interest in the project just after that time had been transferred from the company under a transaction of a kind referred to in subsection 48A(1), and as if the person had given the consideration referred to in paragraph 48A(11)(b).