Petroleum Resource Rent Tax Assessment Amendment Bill 2006

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
41

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Summary

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.

Progress

House of Representatives
Introduced and read a first time 25 May 2006
Second reading moved 25 May 2006
Second reading agreed to 14 Jun 2006
Third reading agreed to 14 Jun 2006
Senate
Introduced and read a first time 15 Jun 2006
Second reading moved 15 Jun 2006
Second reading agreed to 22 Jun 2006
Third reading agreed to 22 Jun 2006
Assent
  • Act no.: 78
  • Year: 2006
30 Jun 2006

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Bills digest

Notes

Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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