Commonwealth Numbered Acts

PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987 No. 142, 1987 - SECT 97

97. (1) Subject to this section, the notional tax amount of a person in
relation to an instalment period in a year of tax, in relation to a petroleum
project, is an amount ascertained in accordance with the formula A-B, where-
A is an amount equal to the tax that would be assessed in respect of the
year of tax if the instalment period were the year of tax and the amounts that
were taken by sub-sections 33 (3), 34 (3), 35 (3) and 36 (1) (including by
reason of the application of section 48) to be incurred by the person in
relation to the project (including in the case of a combined project any
pre-combination project in relation to the project) on the first day of the
year of tax were instead only the instalment percentages of those amounts; and
B is the notional tax amount, or the sum of the notional tax amounts, in
respect of any preceding instalment period or periods in the year of tax of
the person in relation to the project (including in the case of a combined
project any pre-combination project in relation to the project).

(2) Where-

   (a)  a person has not furnished information under section 98 in relation to
        an instalment of tax; or

   (b)  the Commissioner is not satisfied with the information furnished by a
        person under section 98 in relation to an instalment of tax, the
        Commissioner may determine that the notional tax amount of the person
        in respect of the period to which the instalment of tax relates is
        such amount that, in the opinion of the Commissioner, might reasonably
        be expected to be the notional tax amount, ascertained in accordance
        with sub-section (1), of the person in respect of the
        instalment period.

(3) As soon as practicable after a determination is made under sub-section (2)
in relation to a person, the Commissioner shall cause notice of the
determination to be served on the person.