Petroleum Resource Rent Tax Assessment Act 1987

PART V - LIABILITY TO TAXATION  

Division 6 - Anti-avoidance  

Subdivision A - Arrangements to obtain tax benefits  

SECTION 53   CANCELLATION OF TAX BENEFITS ETC.  

53(1)    
Where a tax benefit has been obtained, or would but for this section be obtained, by a person in connection with an arrangement to which this Subdivision applies, the Commissioner may:

(a) in the case of a tax benefit that is referable to an amount of assessable receipts not being derived by the person in a financial year in relation to a petroleum project - determine that the whole or a part of the amount shall be assessable receipts derived by the person in the financial year in relation to the project;

(b) in the case of a tax benefit that is referable to an amount of deductible expenditure being incurred by the person in a financial year in relation to a petroleum project - determine that the whole or a part of the amount shall not be deductible expenditure incurred by the person in the financial year in relation to the project; and

(c) in any case - determine that appropriate adjustments (if any) be made to the assessable receipts derived, or deductible expenditure incurred, by:

(i) the person in respect of the project in relation to any other financial year or in respect of any other project in relation to any financial year; or

(ii) any other person in respect of the project or any other project in relation to any financial year;

and any such determination has effect accordingly.

53(2)    
Where, at any time, a person considers that the Commissioner should make a determination under paragraph (1)(c) in relation to the person in relation to a petroleum project or projects in relation to a financial year or financial years, the person may post to or lodge with the Commissioner a request in writing for the making by the Commissioner of a determination under that paragraph.

53(3)    
The Commissioner shall consider the request and serve on the person a written notice of the Commissioner's decision on the request.

53(4)    
If the person is dissatisfied with the Commissioner's decision on the request, the person may object against the decision in the manner set out in Part IVC of the Taxation Administration Act 1953 .