Commonwealth: Petroleum Resource Rent Tax (Imposition—General) Act 2012 (Cth)

Petroleum Resource Rent Tax (Imposition—General) Act 2012 No. 21, 2012 An Act to impose a tax in respect of the profits of certain petroleum projects, so far as that tax is neither a duty of customs nor a duty of excise Contents 1 Short title 2 Commencement 3 Incorporation 4 Imposition of tax 5 Rate of tax 6 Act does not impose a tax on property of a State Petroleum Resource Rent Tax (Imposition—General) Act 2012 No. 21, 2012 An Act to impose a tax in respect of the profits of certain petroleum projects, so far as that tax is neither a duty of customs nor a duty of excise [Assented to 29 March 2012] The Parliament of Australia enacts: 1 Short title This Act may be cited as the Petroleum Resource Rent Tax (Imposition—General) 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 (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 neither a duty of customs nor a duty of excise 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. [Minister's second reading speech made in— House of Representatives on 2 November 2011 Senate on 7 February 2012] (228/11)