Petroleum Resource Rent Tax Assessment Act 1987
Hide history note
View history noteDiv 8 repealed by No 43 of 2019, s 3 and Sch 2 item 66, effective 1 July 2019. For application, transitional and savings provisions, see note under s 31AA .
Div 8 inserted by No 18 of 2012, s 3 and Sch 5 item 1, effective 1 July 2012.
(Repealed by No 43 of 2019)
S 58RA repealed by No 43 of 2019, s 3 and Sch 2 item 66, effective 1 July 2019. For application, transitional and savings provisions, see note under s
31AA
. S 58RA formerly read:
section
48
applies as if, at that time, the person
'
s interest in the project just after that time had been transferred from the company under a transaction of a kind referred to in subsection
48(1A)
, and as if the person had given the consideration referred to in paragraph
48(1A)(c)
. section
48A
applies as if, at that time, the person
'
s interest in the project just after that time had been transferred from the company under a transaction of a kind referred to in subsection
48A(1)
, and as if the person had given the consideration referred to in paragraph
48A(11)(b)
.
SECTION 58RA INTERESTS TAKEN TO BE TRANSFERRED WHEN COMBINED WITH OFFSHORE INTERESTS
58RA(1)
If:
(a)
after a person
'
s interest in an onshore petroleum project is taken to be transferred to the head company or provisional head company, the project becomes part of a combined project of which another petroleum project that is not an onshore petroleum project is also a part; and
(b)
the entitlement comprising the person
'
s interest in the project just after that time is all of the entitlement comprising the company
'
s interest in the project just before that time;
58RA(2)
If:
(a)
after a person
'
s interest in an onshore petroleum project is taken to be transferred to the head company or provisional head company, the project becomes part of a combined project of which another petroleum project that is not an onshore petroleum project is also a part; and
(b)
the entitlement comprising the person
'
s interest in the project just after that time is part, but not all, of the entitlement comprising the company
'
s interest in the project just before that time;
S 58RA inserted by No 88 of 2013, s 3 and Sch 7 item 129, effective 1 July 2012.
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