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TAXATION LAWS AMENDMENT ACT (NO. 3) 2000 NO. 66, 2000 - SCHEDULE 6
- Transfer of interest in petroleum projects
Petroleum Resource Rent Tax Assessment Act 1987
1 Before subsection 48(1)
Insert:
- (1A)
- This section applies if:
- (a)
- at a particular time (the transfer time ) a person (the vendor ) enters
into a transaction in relation to a petroleum project; and
- (b)
- the transaction has the effect of transferring to another person or
persons (the purchasers ):
- (i)
- the whole of the vendor's entitlement to derive, after the transaction,
assessable receipts in relation to the project; and
- (ii)
- any property held by the vendor that is being used in relation to the
project; and
- (c)
- the purchasers give consideration for the entitlement and property.
The transaction may occur at any time (even before the vendor's first year of
tax in relation to the project).
2 Subsection 48(1)
Omit all the words before paragraph (a), substitute:
- (1)
- For the purposes of this Act (including this section):
3 Application
The amendments made by this Schedule apply to transactions
entered into after this Schedule commences.
[ Minister's second reading
speech made in—
House of Representatives on 14 October 1999
Senate on 9
May 2000 ]
(197/99)