PETROLEUM RESOURCE RENT TAX ACT 1987 

PETROLEUM RESOURCE RENT TAX ACT 1987 
- TABLE OF PROVISIONS

1. Short title [see Note 1]  
2. Commencement [see Note 1]  
3. Incorporation  
4. Imposition of tax  
5. Rate of tax  

PETROLEUM RESOURCE RENT TAX ACT 1987
- LONG TITLE
An Act to impose a tax in respect of the profits of certain
petroleum projects

PETROLEUM RESOURCE RENT TAX ACT 1987
- SECT 1
Short title [see Note 1]

                   This Act may be cited as the Petroleum
Resource Rent Tax Act 1987.

PETROLEUM RESOURCE RENT TAX ACT 1987
- SECT 2
Commencement [see Note 1]

                   This Act shall come into operation on
the day on which the Petroleum Resource Rent Tax Assessment Act 1987
comes into operation.

PETROLEUM RESOURCE RENT TAX ACT 1987
- SECT 3
Incorporation

                   The Petroleum Resource Rent Tax
Assessment Act 1987 is incorporated and shall be read as one with this Act.

PETROLEUM RESOURCE RENT TAX ACT 1987
- SECT 4
Imposition of tax

                   Tax is imposed in respect of the taxable
profit of a person of a year of tax in relation to a petroleum project.

PETROLEUM RESOURCE RENT TAX ACT 1987
- SECT 5
Rate of tax

                   The rate of tax in respect of the taxable
profit of a person of a year of tax in relation to a petroleum project is 40%.

PETROLEUM RESOURCE RENT TAX ACT 1987
- NOTES

Act No. 143 of 1987
This Act was prepared on 24 May 2004
Prepared by the Office of Legislative Drafting,
Attorney-General's Department, Canberra

  

  

  

Contents
1............ Short title [see Note 1]....................................................................... 1
2............ Commencement [see Note 1].............................................................. 1
3............ Incorporation...................................................................................... 1
4............ Imposition of tax................................................................................ 1
5............ Rate of tax........................................................................................... 1
Notes
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PETROLEUM RESOURCE RENT TAX ACT 1987
- NOTES

Notes to
the 
Petroleum Resource Rent Tax Act 1987

Note 1

Act No. 143, 1987; assented to 18 December 1987;
commenced 15 January 1988.