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

Schedule 1  

Petroleum Resource Rent Tax Assessment Regulations 2005

80   Subregulations 39(1) to (3)

Repeal the subregulations, substitute:

(1) This regulation applies if a participant in an integrated operation uses an RPM price for an assessable gas in working out assessable petroleum receipts under regulation 14, 15 or 16, and had an RPM price for the previous year of tax.

(2) For paragraph 97(1AA)(b) of the Act, the amount that is to be included in calculating the current period liability under subsection 97(1A) of the Act is:

(EPV al x ((RPMprev X QAGprev) / (EPV al prev)))
              

where:

EPVal is the end product value for the participant in the instalment period.

EPValPREV is the end product value for the participant in the previous year of tax.

QAGPREV is the quantity of the assessable gas, measured by volume or mass, that was in the previous year of tax:

(a) for an integrated GTL operation - processed into project liquid that the participant was entitled to receive in the downstream stage (including any of that assessable gas that was used in that processing); or

(b) for an integrated GTE operation - consumed in the production of project electricity that the participant was entitled to receive in the downstream stage.

RPMPREV is the RPM price for the assessable gas for the participant for the previous year of tax.

(3) The end product value for the participant in a period is the total market value of:

(a) for an integrated GTL operation - the project liquid to which the participant is entitled in the period; or

(b) for an integrated GTE operation - the project electricity to which the participant is entitled in the period.