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

7   Section 2 (definition of exploration permit )

Repeal the definition, substitute:

exploration permit means:

(a) a petroleum exploration permit 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.

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.