Treasury Laws Amendment (2019 Petroleum Resource Rent Tax Reforms No. 1) Act 2019 (43 of 2019)

Schedule 2   Removing onshore projects from the petroleum resource rent tax

Part 3   Application, transitional and savings provisions

Division 1   Application of amendments to deductible expenditure and assessable receipts

85   Application - deductible expenditure and assessable receipts

(1) The object of this item is:

(a) to provide for petroleum resource rent tax to cease to apply to onshore petroleum projects as of 1 July 2019; and

(b) to prevent expenditure incurred in relation to onshore petroleum projects reducing taxable profit in relation to other kinds of projects and financial years starting on or after 1 July 2019.

(2) The amendments made by this Schedule apply to the following:

(a) an amount of deductible expenditure incurred, or taken to be incurred, in the financial year starting on 1 July 2019 or any later financial year;

(b) an amount of assessable receipts derived, or taken to be derived, in the financial year starting on 1 July 2019 or any later financial year.

(3) The amendments made by this Schedule also apply to the following:

(a) a transfer of expenditure under Division 3A of Part V of the Petroleum Resource Rent Tax Assessment Act 1987 in relation to the financial year starting on 1 July 2019 or any later financial year, regardless of the financial year in which the expenditure was incurred or taken to be incurred;

(b) a transaction of a kind described in section 48 or 48A of the Petroleum Resource Rent Tax Assessment Act 1987 that is entered into on or after 1 July 2019, regardless of the financial year in which any expenditure referred to in those sections was incurred or taken to be incurred.