Clean Energy Legislation (Carbon Tax Repeal) Act 2014 (83 of 2014)

Schedule 1   Repeal of the carbon tax

Part 3   Application and transitional provisions

Division 3   Provisions relating to other Acts

339   Transitional - Petroleum Resource Rent Tax Assessment Act 1987

(1) Despite the amendments of section 28 of the Petroleum Resource Rent Tax Assessment Act 1987 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.

(2) The repeal of paragraph 44(1)(ia) of the Petroleum Resource Rent Tax Assessment Act 1987 by this Schedule does not apply to unit shortfall charge imposed on:

(a) a unit shortfall for the financial year beginning on 1 July 2012; or

(b) a unit shortfall for the financial year beginning on 1 July 2013.