2010-2011
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Petroleum Resource Rent Tax
(Imposition--Customs) Bill 2011
No. , 2011
(Treasury)
A Bill for an Act to impose a tax in respect of the
profits of certain petroleum projects, so far as that
tax is a duty of customs
Petroleum Resource Rent Tax (Imposition--Customs) Bill 2011 No. , 2011 1
A Bill for an Act to impose a tax in respect of the
profits of certain petroleum projects, so far as that
tax is a duty of customs
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The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Petroleum Resource Rent Tax
(Imposition--Customs) Act 2011.
2 Commencement
This Act commences on 1 July 2012.
Section 3
2 Petroleum Resource Rent Tax (Imposition--Customs) Bill 2011 No. , 2011
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3 Incorporation
The
Petroleum Resource Rent Tax Assessment Act 1987 is
incorporated and is to be read as one with this Act.
4 Imposition of tax
(1) Tax is imposed in respect of the taxable profit of a person of a year
of tax in relation to a petroleum project.
(2) However, this section imposes that tax only so far as it is a duty of
customs within the meaning of section 55 of the Constitution.
(3) This section applies in relation to the year of tax beginning on
1 July 1986 and later years of tax.
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%.
6 Act does not impose a tax on property of a State
(1) This Act does not impose a tax on property of any kind belonging
to a State.
(2) In this section, property of any kind belonging to a State has the
same meaning as in section 114 of the Constitution.
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