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This is a Bill, not an Act. For current law, see the Acts databases.
2019-2020-2021
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Treasury Laws Amendment (Laminaria
and Corallina Decommissioning Cost
Recovery Levy) Bill 2021
No. , 2021
(Treasury)
A Bill for an Act to amend the law relating to
taxation, and for related purposes
No. , 2021
Treasury Laws Amendment (Laminaria and Corallina
Decommissioning Cost Recovery Levy) Bill 2021
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Amendments
3
Income Tax Assessment Act 1997
3
Petroleum Resource Rent Tax Assessment Act 1987
4
Taxation Administration Act 1953
4
No. , 2021
Treasury Laws Amendment (Laminaria and Corallina
Decommissioning Cost Recovery Levy) Bill 2021
1
A Bill for an Act to amend the law relating to
1
taxation, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act is the
Treasury Laws Amendment (Laminaria and
5
Corallina Decommissioning Cost Recovery Levy) Act 2021
.
6
2 Commencement
7
(1) Each provision of this Act specified in column 1 of the table
8
commences, or is taken to have commenced, in accordance with
9
column 2 of the table. Any other statement in column 2 has effect
10
according to its terms.
11
12
2
Treasury Laws Amendment (Laminaria and Corallina
Decommissioning Cost Recovery Levy) Bill 2021
No. , 2021
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. The whole of
this Act
At the same time as the
Offshore Petroleum
(Laminaria and Corallina Decommissioning
Cost Recovery Levy) Act 2021
commences.
However, the provisions do not commence
at all if that Act does not commence.
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
6
3 Schedules
7
Legislation that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
Amendments
Schedule 1
No. , 2021
Treasury Laws Amendment (Laminaria and Corallina
Decommissioning Cost Recovery Levy) Bill 2021
3
Schedule 1--Amendments
1
2
Income Tax Assessment Act 1997
3
1 Section 12-
5 (table item headed "mining")
4
Omit:
5
see
capital allowances
substitute:
6
Laminaria and Corallina decommissioning levy
................ 26-96
see also
capital allowances
2 After section 26-95
7
Insert:
8
26-96 Laminaria and Corallina decommissioning levy cannot be
9
deducted
10
You cannot deduct under this Act an amount of
*
Laminaria and
11
Corallina decommissioning levy that you pay.
12
3 Subsection 995-1(1)
13
Insert:
14
Laminaria and Corallina decommissioning levy
means levy
15
imposed by the
Offshore Petroleum (Laminaria and Corallina
16
Decommissioning Cost Recovery Levy) Act 2021
.
17
4 Subsection 995-1(1) (note to the definition of period of
18
review)
19
After "Note", insert "1".
20
5 Subsection 995-1(1) (at the end of the definition of period of
21
review)
22
Add:
23
Note 2:
For the purposes of Laminaria and Corallina decommissioning levy,
24
this definition is modified in respect of an amount of that levy (see
25
Schedule 1
Amendments
4
Treasury Laws Amendment (Laminaria and Corallina
Decommissioning Cost Recovery Levy) Bill 2021
No. , 2021
section 125-15 in Schedule 1 to the
Taxation Administration Act
1
1953)
.
2
Petroleum Resource Rent Tax Assessment Act 1987
3
6 After paragraph 44(1)(g)
4
Insert:
5
(ga) payments of levy imposed by the
Offshore Petroleum
6
(Laminaria and Corallina Decommissioning Cost Recovery
7
Levy) Act 2021
; or
8
Taxation Administration Act 1953
9
7 Subsection 2(1)
10
Insert:
11
Laminaria and Corallina decommissioning levy
has the same
12
meaning as in the
Income Tax Assessment Act 1997
.
13
8 Subsection 8AAB(4) (after table item 45A)
14
Insert:
15
45B
125-10 in
Schedule 1
Taxation Administration Act
1953
payment of Laminaria and
Corallina decommissioning levy
or shortfall interest charge
9 Paragraph 14ZW(1)(bg)
16
After "Act", insert "and paragraph (bga) does not apply to the
17
objection".
18
10 After paragraph 14ZW(1)(bg)
19
Insert:
20
(bga) if the taxation objection is made under Subdivision 155-C in
21
Schedule 1 to this Act in relation to an assessment of an
22
amount of Laminaria and Corallina decommissioning levy--
23
60 days after notice of the assessment has been given to the
24
person; or
25
Amendments
Schedule 1
No. , 2021
Treasury Laws Amendment (Laminaria and Corallina
Decommissioning Cost Recovery Levy) Bill 2021
5
11 After Part 3-15 in Schedule 1
1
Insert:
2
Part 3-17--Laminaria and Corallina
3
decommissioning levy
4
Division 125--General provisions relating to Laminaria
5
and Corallina decommissioning levy
6
125-1 What this Division is about
7
You must give the Commissioner a return relating to Laminaria
8
and Corallina decommissioning levy if you are a leviable entity for
9
a financial year.
10
An amount of levy is due and payable 21 days after the day the
11
Commissioner gives you a notice of assessment.
12
This Division contains other rules relating to the administration of
13
the levy, including rules dealing with charges and assessments.
14
Table of sections
15
Operative provisions
16
125-5
Returns
17
125-10
When Laminaria and Corallina decommissioning levy and related charges
18
are due and payable
19
125-15
Assessments of Laminaria and Corallina decommissioning levy
20
Operative provisions
21
125-5 Returns
22
(1) You must give the Commissioner a return relating to
*
Laminaria
23
and Corallina decommissioning levy in the
*
approved form if you
24
are a leviable entity (within the meaning of the
Offshore Petroleum
25
(Laminaria and Corallina Decommissioning Cost Recovery Levy)
26
Schedule 1
Amendments
6
Treasury Laws Amendment (Laminaria and Corallina
Decommissioning Cost Recovery Levy) Bill 2021
No. , 2021
Act 2021
) for a financial year that is a levy year (within the
1
meaning of that Act).
2
Note:
You are required to give the Commissioner a return in accordance
3
with this subsection even if the amount of that levy you are liable to
4
pay is nil.
5
(2) The return must be given within 6 months after the end of the
6
financial year.
7
125-10 When Laminaria and Corallina decommissioning levy and
8
related charges are due and payable
9
Original assessments
10
(1) If you are liable to pay an amount of
*
Laminaria and Corallina
11
decommissioning levy for a financial year, the amount is due and
12
payable 21 days after the day the Commissioner gives you a notice
13
of assessment for the financial year.
14
Amended assessments
15
(2) If the Commissioner amends your assessment of an amount of
16
*
Laminaria and Corallina decommissioning levy, any extra levy
17
resulting from the amendment is due and payable 21 days after the
18
day the Commissioner gives you notice of the amended
19
assessment.
20
Shortfall interest charge
21
(3) If you are liable to pay an amount of
*
shortfall interest charge
22
under section 280-102D, the amount is due and payable 21 days
23
after the day the Commissioner gives you notice of the charge.
24
General interest charge
25
(4) If an amount of levy or
*
shortfall interest charge payable under this
26
section remains unpaid after it is due and payable, you are liable to
27
pay
*
general interest charge on the unpaid amount for each day in
28
the period that:
29
(a) started at the beginning of the day by which the amount was
30
due to be paid; and
31
Amendments
Schedule 1
No. , 2021
Treasury Laws Amendment (Laminaria and Corallina
Decommissioning Cost Recovery Levy) Bill 2021
7
(b) finishes at the end of the last day at the end of which any of
1
the following remains unpaid:
2
(i) the amount of levy or shortfall interest charge;
3
(ii) general interest charge on any of the amount of levy or
4
shortfall interest charge.
5
125-15 Assessments of Laminaria and Corallina decommissioning
6
levy
7
(1) In applying Division 155 in relation to an amount of
*
Laminaria
8
and Corallina decommissioning levy:
9
(a) apply the provisions of that Division with the modification
10
set out in subsection (2) of this section; and
11
(b) disregard section 155-70.
12
(2) Despite subsection 155-35(2), the
period of review
, for an
13
assessment of an amount of
*
Laminaria and Corallina
14
decommissioning levy, is:
15
(a) the period:
16
(i) starting on the day on which the Commissioner first
17
gives notice of the assessment to you under
18
section 155-10; and
19
(ii) ending on the last day of the period of 6 months starting
20
the day after that day; or
21
(b) if the period of review is extended under
22
subsection 155-35(3) or (4)--the period as so extended.
23
12 At the end of subsection 155-5(2) in Schedule 1
24
Add:
25
; (l) an amount of
*
Laminaria and Corallina decommissioning
26
levy for a financial year.
27
13 At the end of subsection 155-30(3) in Schedule 1
28
Add:
29
; (d) the
*
Laminaria and Corallina decommissioning levy payable
30
by you for a financial year.
31
Schedule 1
Amendments
8
Treasury Laws Amendment (Laminaria and Corallina
Decommissioning Cost Recovery Levy) Bill 2021
No. , 2021
14 Subsection 250-10(2) in Schedule 1 (after table item 136)
1
Insert:
2
136AA
amount of Laminaria
and Corallina
decommissioning
levy
125-10 in
Schedule 1
Taxation Administration Act 1953
136AB
shortfall interest
charge on Laminaria
and Corallina
decommissioning
levy
125-10 in
Schedule 1
Taxation Administration Act 1953
15 Section 280-1
(paragraph beginning "The shortfall interest
3
charge")
4
Omit "or diverted profits tax", substitute ", diverted profits tax or
5
Laminaria and Corallina decommissioning levy".
6
16 Section 280-50
7
Omit "or
*
diverted profits tax", substitute ",
*
diverted profits tax or
8
*
Laminaria and Corallina decommissioning levy".
9
17 After section 280-102C in Schedule 1
10
Insert:
11
280-102D Liability to shortfall interest charge--Laminaria and
12
Corallina decommissioning levy
13
(1) You are liable to pay
*
shortfall interest charge on an additional
14
amount of
*
Laminaria and Corallina decommissioning levy that
15
you are liable to pay because the Commissioner amends your
16
assessment of an amount of levy payable for a financial year.
17
(2) The liability is for each day in the period:
18
(a) beginning at the start of the day on which levy under your
19
first assessment for that financial year was due to be paid, or
20
would have been due to be paid if there had been any; and
21
(b) ending at the end of the day before the day on which the
22
Commissioner gave you the notice of the amended
23
assessment.
24
Amendments
Schedule 1
No. , 2021
Treasury Laws Amendment (Laminaria and Corallina
Decommissioning Cost Recovery Levy) Bill 2021
9
(3) However, if an amended assessment reinstates all or part of a
1
liability in relation to a particular that had been reduced by an
2
earlier amended assessment, the period for the reinstated liability
3
begins at the start of the day on which levy under the earlier
4
amended assessment was due to be paid, or would have been due
5
to be paid if there had been any.
6
Note:
See section 125-10 for when the amount of levy and shortfall interest
7
charge becomes due and payable. That section also provides for
8
general interest charge on any part of the additional amount (plus any
9
shortfall interest charge) that remains unpaid after the additional
10
amount is due and payable.
11
18 Subsection 280-110(1)
12
Omit "or 280-102B", substitute ", 280-102B or 280-102D".
13
19 At the end of Division 356 in Schedule 1
14
Add:
15
Subdivision 356-C--Laminaria and Corallina decommissioning
16
levy
17
Table of sections
18
356-15
Commissioner has general administration of Laminaria and Corallina
19
decommissioning levy
20
356-15 Commissioner has general administration of Laminaria and
21
Corallina decommissioning levy
22
The Commissioner has the general administration of the
Offshore
23
Petroleum (Laminaria and Corallina Decommissioning Cost
24
Recovery Levy) Act 2021
.
25
20 After paragraph 357-55(fd) in Schedule 1
26
Insert:
27
(fe)
*
Laminaria and Corallina decommissioning levy;
28
21 Application of amendments
29
The amendments made by this Schedule apply in relation to financial
30
years starting on or after 1 July 2021.
31