Resource Rent Tax definition

Resource Rent Tax means tax imposed by the Petroleum Resource Rent Tax Act 1987 of Australia as amended from time to time;
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Examples of Resource Rent Tax in a sentence

  • Effective from 1 July 2012, the Petroleum Resource Rent Tax (“PRRT”) scheme is extended to include onshore oil and gas activities.

  • Petroleum Resource Rent Tax (PRRT)For PRRT purposes, the impact of future augmentation on expenditure is included in the determination of future taxable profits when assessing the extent to which a deferred tax asset can be recognised in the statement of financial position.

  • Deferred tax assets, including those arising from un-recouped tax losses, capital losses, and temporary differences arising from the Petroleum Resource Rent Tax (Imposition – General) Act 2011, are recognised only where it is considered more likely than not they will be recovered, which is dependent on the generation of sufficient future taxable profits.

  • In addition, Australian Petroleum Resource Rent Tax (“PRRT”) was classified as a royalty expense under Previous GAAP.

  • Whilst the Minerals Resource Rent Tax does not apply to base metals or gold it is possible that it could be extended to do so at some future time.

  • The increase in net income is primarily the result of closing the Santos SA transaction whereby Magellan sold its interests in Mereenie to Santos and Santos sold its interests in the Palm Valley and Dingo fields to the Company, resulting in a gain on sale of assets of $36.2 million and the tax effect of recording the Company's Australian Petroleum Resource Rent Tax ("PRRT") which was enacted during the fiscal year 2012 and effective from July 1, 2012.

  • Petroleum Rent Resources Tax (PRRT) Petroleum Resource Rent Tax (PRRT) is recognised as an income tax under AASB112 - Income Taxes.

  • Omit “Petroleum Resource Rent Tax Assessment Act 1987, subsection 17(3)”.

  • The Company’s ongoing drilling activities continue to generate deferred assets related to Petroleum Resource Rent Tax (“PRRT”) in its Australia subsidiary, which has not been recognized.The Company has temporary differences associated with its investments in its foreign subsidiaries, branches, and interests in joint ventures.

  • See also Australian Taxation Office, Petroleum Resource Rent Tax, http://www.ato.gov.au/businesses/pathway.asp?pc=001/003/117 (last visited June 17, 2010).

Related to Resource Rent Tax

  • Tax Expenses means all federal, state, county, or local governmental or municipal taxes, fees, charges or other impositions of every kind and nature, whether general, special, ordinary or extraordinary (including, without limitation, real estate taxes, general and special assessments, transit taxes, leasehold taxes or taxes based upon the receipt of rent, including gross receipts or sales taxes applicable to the receipt of rent, unless required to be paid by Tenant, personal property taxes imposed upon the fixtures, machinery, equipment, apparatus, systems and equipment, appurtenances, furniture and other personal property used in connection with the Project, or any portion thereof), which shall be paid or accrued during any Expense Year (without regard to any different fiscal year used by such governmental or municipal authority) because of or in connection with the ownership, leasing and operation of the Project, or any portion thereof.

  • Operating Expenses is defined to include all expenses necessary or appropriate for the operation of the Fund (or Class, as applicable), including the Advisor’s investment advisory or management fee detailed in the Investment Advisory Agreement and any Rule 12b-1 fees and other expenses described in the Investment Advisory Agreement, but does not include taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-1A), expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses.

  • Incremental property taxes means the taxes as provided in Iowa Code sections 403.19 and 260E.4. “Industry” means a business engaged in interstate or intrastate commerce for the purpose of manufacturing, processing, or assembling products, conducting research and development, or providing services in interstate commerce, but excludes retail, health, or professional services. An industry is a business engaged in activities described as eligible in the Act rather than the generic definition encompassing all businesses in the state doing the same activities. An industry is considered to be a single, corporate entity or operating subdivision. An industry which closes or substantially reduces its operation in one area of the state of Iowa and relocates substantially the same operation in another area of the state is not eligible for a project. This definition does not prohibit a business from expanding its operations in another area of the state provided that existing operations of a similar nature are not

  • Operating Costs means the incremental expenses incurred by the Recipient on account of Project implementation, management, and monitoring, including for office space rental, utilities, and supplies, bank charges, communications, vehicle operation, maintenance, and insurance, building and equipment maintenance, advertising expenses, travel and supervision, salaries of contractual and temporary staff, but excluding salaries, fees, honoraria, and bonuses of members of the Recipient’s civil service.

  • Operation and Maintenance Costs means the costs of: