Summary
Introduced with the Offshore Petroleum (Laminaria and Corallina Decommissioning Cost Recovery Levy) Bill 2021, the bill amends the
Income Tax Assessment Act 1997
,
Petroleum Resource Rent Tax Assessment Act 1987
and
Taxation Administration Act 1953
to specify certain administrative features relating to the Laminaria and Corallina decommissioning levy, including the requirement that the levy is payable to the Commissioner of Taxation annually.