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

Schedule 1  

Petroleum Resource Rent Tax Assessment Regulations 2005

75   After regulation 31

Insert:

31A Amount and timing of included capital cost

(1) For Step 6 of the residual pricing method, this regulation applies to an included capital cost if:

(a) the cost is for:

(i) an integrated GTL operation for which an election has been made under regulation 43; or

(ii) an integrated onshore operation for which an election has been made under regulation 44; and

(b) the cost was incurred before 1 July 2012.

(2) An included capital cost to which this regulation applies is taken, for the purpose of the residual pricing method, to have been incurred on 1 July 2012 and not incurred when it was actually incurred.

Note: This will affect the operation of Steps 8 to 10 of the method.

(3) If the cost was for a unit of property that was completed before 2 May 2010, the amount of the cost is taken to be the depreciated replacement cost of the unit at 1 May 2010.

(4) In this regulation:

depreciated replacement cost has the same meaning as in Accounting Standard AASB 136 Impairment of Assets.