Commonwealth Numbered Acts

PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987 No. 142, 1987 - SECT 53

53. (1) Where a tax benefit has been obtained, or would but for this section
be obtained, by a person in connection with an arrangement to which this
Subdivision applies, the Commissioner may-

   (a)  in the case of a tax benefit that is referable to an amount of
        assessable receipts not being derived by the person in a
        financial year in relation to a petroleum project-determine that the
        whole or a part of the amount shall be assessable receipts derived by
        the person in the financial year in relation to the project;

   (b)  in the case of a tax benefit that is referable to an amount of
        deductible expenditure being incurred by the person in a
        financial year in relation to a petroleum project-determine that the
        whole or a part of the amount shall not be deductible expenditure
        incurred by the person in the financial year in relation to the
        project; and

   (c)  in any case-determine that appropriate adjustments (if any) be made to
        the assessable receipts derived, or deductible expenditure incurred,
        by-

        (i)    the person in respect of the project in relation to any other
               financial year or in respect of any other project in relation
               to any financial year; or

        (ii)   any other person in respect of the project or any other project
               in relation to any financial year, and any such determination
               has effect accordingly.

(2) Where, at any time, a person considers that the Commissioner should make a
determination under paragraph (1) (c) in relation to the person in relation to
a petroleum project or projects in relation to a financial year or
financial years, the person may post to or lodge with the Commissioner a
request in writing for the making by the Commissioner of a determination under
that paragraph.

(3) The Commissioner shall consider the request and serve on the person a
written notice of the Commissioner's decision on the request.

(4) If the person is dissatisfied with the Commissioner's decision on the
request, the person may, within 60 days after service on the person of notice
of the decision of the Commissioner, lodge with the Commissioner an objection
in writing against the decision stating fully and in detail the grounds on
which the person relies.

(5) The provisions of Part VII (other than sub-sections 71 (1), (4) and (5))
apply in relation to an objection made under sub-section (4) in like manner as
those provisions apply in relation to an objection against an assessment.