Petroleum Resource Rent Tax Assessment Amendment Act 2012 (18 of 2012)

Schedule 1   Extension to onshore projects etc.

Petroleum Resource Rent Tax Assessment Act 1987

22   Section 2 (definition of retention lease )

Repeal the definition, substitute:

retention lease means:

(a) a petroleum retention lease within the meaning of the Offshore Petroleum and Greenhouse Gas Storage Act 2006; or

(b) an authority or right (however described) under another Australian law:

(i) to explore for petroleum in an area; or

(ii) to recover petroleum on an appraisal basis in that area; or

(iii) to carry on such operations, and execute such works, in the area as are necessary for those purposes;

that is not an authority or right to recover petroleum other than on an appraisal basis, and that is granted on the basis that the area contains petroleum and that recovery of that petroleum is likely to become commercially viable in the future.

Note: The Resources Minister may determine that an authority or right is, or is not, an authority or right of a kind mentioned in this paragraph: see section 2AA.