Introduced with the Petroleum Resource Rent Tax (Instalment Transfer Interest Charge Imposition) Bill 2006, the bill amends the:
Petroleum Resource Rent Tax Assessment Act 1987 to: require petroleum resource rent tax (PRRT) taxpayers to transfer and deduct transferable exploration expenditure when calculating their quarterly PRRT; allow internal corporate restructuring within company groups to occur without losing the ability to transfer exploration expenditure; allow the present value of certain expected future expenditures to close down a petroleum project to be deductible against the PRRT receipts of the project; allow deductibility for fringe benefits tax for PRRT purposes; introduce a transfer notice requirement for vendors disposing of an interest in a petroleum project; extend the lodgment period for PRRT annual returns; and make minor technical amendments; and
Petroleum Resource Rent Tax Assessment Act 1997 and
Taxation Administration Act 1953 to apply the self assessment regime to PRRT. Also makes a consequential amendment to the
Taxation Administration Act 1953.