Petroleum Resource Rent Tax (Imposition—Excise) Act 2012

The Petroleum Resource Rent Tax (Imposition u2014Excise) Act 2012 (Cth) is an Act of the Australian Parliament that imposes a tax on the profits of certain petroleum projects, to the extent that the tax is a duty of excise. The Act commenced on 1 July 2012 and amends the Petroleum Resource Rent Tax Assessment Act 1987. The tax is imposed on the taxable profit of a person in relation to a petroleum project, and the rate of tax is 40%. The Act does not impose a tax on property of a State, as defined in section 114 of the Australian Constitution. The Act is available in ComLaw.