Petroleum Resource Rent Tax Assessment Amendment Regulation 2013 (No. 1) (154 of 2013)

Schedule 1  

Petroleum Resource Rent Tax Assessment Regulations 2005

52   After subregulation 19(1)

Insert:

(1A) A comparable uncontrolled price , or CUP , in relation to a sale of a volume or mass of project natural gas to which paragraph 24(1)(f) of the Act applies, is a price for natural gas:

(a) that was obtained for a sale in a market that the Commissioner is satisfied is a relevant market in relation to the transaction; and

(b) that the Commissioner is satisfied is an observable arm’s length price.