PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987

PART V - LIABILITY TO TAXATION  

Division 2 - Assessable receipts  

SECTION 28   ASSESSABLE MISCELLANEOUS COMPENSATION RECEIPTS  

28(1)  
For the purposes of this Act, a reference to assessable miscellaneous compensation receipts derived by a person in relation to a petroleum project is a reference to amounts of the following kinds:


(a) amounts receivable by the person by way of insurance, compensation or indemnity in respect of:


(i) the loss or destruction, or the loss of any profit caused by the loss or destruction, of any petroleum, or constituent of petroleum, recovered or recoverable from the eligible exploration or recovery area in relation to the project (including in the case of a combined project any pre-combination project in relation to the project), being a loss or destruction that occurred before a marketable petroleum commodity had been produced from the petroleum;

(ii) the loss or destruction, or the loss of any profit caused by the loss or destruction, of any marketable petroleum commodity produced from petroleum recovered from the area referred to in subparagraph (i), being a loss or destruction that occurred before the commodity became an excluded commodity; or

(iii) the loss of any amount that would otherwise have been an assessable receipt derived by the person in relation to the project;


(b) amounts receivable by the person in respect of eligible real expenditure incurred by the person in relation to the project (including in the case of a combined project any pre-combination project in relation to the project), being amounts by way of:


(i) indemnity or compensation for the incurring of the expenditure;

(ii) refund of the expenditure; or

(iii) rebate, discount or commission in respect of the expenditure.


(c) (Repealed by No 83 of 2014)

28(2)  


However, an amount referred to in subparagraph (b)(ii) that is a refund of resource tax expenditure is increased by dividing the amount by the rate mentioned in section 5 of the Petroleum Resource Rent Tax (Imposition - General) Act 2012 .



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