Petroleum Resource Rent Tax Act 1987

No. 143 of 1987

An Act to impose a tax in respect of the profits of certain petroleum projects

Contents

1  Short title

2  Commencement

3  Incorporation

4  Imposition of tax

5  Rate of tax

Petroleum Resource Rent Tax Act 1987

No. 143 of 1987

An Act to impose a tax in respect of the profits of certain petroleum projects

[Assented to 18 December 1987]

The Parliament of Australia enacts:

1  Short title

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

2  Commencement

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

3  Incorporation

  The Petroleum Resource Rent Tax Assessment Act 1987 is incorporated and shall 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.

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%.