Petroleum Resource Rent Tax (Imposition—Excise) Act 2012

1 Short title

This Act may be cited as the Petroleum Resource Rent Tax (Imposition—Excise) Act 2012.

2 Commencement

This Act commences on 1 July 2012.

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

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

However, this section imposes that tax only so far as it is a duty of excise within the meaning of section 55 of the Constitution.

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

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.

[Minister’s second reading speech made in—

House of Representatives on 2 November 2011

Senate on 7 February 2012]