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

Schedule 1  

Petroleum Resource Rent Tax Assessment Regulations 2005

83   Subregulations 40(2) and (3)

Repeal the subregulations, substitute:

(2) Subject to subregulation (3), the amount that is to be included in calculating the current period liability under subsection 97(1A) of the Act is:

QAG x RMP price

where:

QAG is the quantity of the assessable gas, measured by volume or mass, that was in the instalment period:

(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 taxpayer was entitled to receive in the downstream stage.

RPM price is the RPM price for the assessable gas calculated as if the instalment period were the assessment year (including under regulation 21, if applicable).

(3) If the taxpayer became a participant in the assessment year because of a transfer of interests from a participant or participants (the previous participants ), the taxpayer may elect to apply subregulation 39(2) as if the factors in the equation were replaced by the following:

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

QAGPREV is the total 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 previous participants were 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 previous participants were entitled to receive in the downstream stage.

RPMPREV is the average RPM price for the assessable gas for the previous participants for the previous year of tax, weighted according to the end product value for each of the previous participants in the previous year of tax.