Petroleum Resource Rent Tax Assessment Act 1987

The Petroleum Resource Rent Tax Assessment Act 1987 provides the framework for calculating tax liability and assessing taxable profit. Part V outlines the liability to tax on taxable profit and assessable receipts, including income and expenses, deductible expenditure, and transfer of exploration expenditure. The Part also considers tax credits and anti-avoidance measures. Part II defines key terms used throughout the Act, including definitions of petroleum-related concepts, access authorities, annual transfers, and more. The definitions provided clarify the scope and application of the Act, enabling a better understanding of the legislative framework.