Commonwealth Numbered Acts Commonwealth Numbered Acts(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.