Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 (88 of 2013)
Schedule 7 Miscellaneous amendments
Part 1 Resource rent taxation
Petroleum Resource Rent Tax Assessment Act 1987
166 After subclause 23(5) of Schedule 2
(a) section 48 or 48A applies in relation to a transaction that has the effect of transferring a person's entitlement to derive, after the transaction, assessable receipts in relation to a petroleum project; and
(b) the person is a vendor (within the meaning of section 48 or 48A) in relation to the transaction; and
(c) before the transaction, a starting base assessment relating to the project was taken (under subclause (1) or (5B) of this clause) to have been made relating to the person;
after the transaction, subclauses (4) and (5) of this clause apply, in relation to a person who is a purchaser (within the meaning of section 48 or 48A) in relation to the transaction, and cease to apply in relation to the vendor, to the extent that the transaction had the effect of transferring that entitlement to the purchaser.
(5B) To the extent that subclauses (4) and (5) apply because of subclause (5A), the starting base assessment is taken to have been made relating to the purchaser, and not the vendor.