Petroleum Resource Rent Tax Assessment Amendment Regulation 2013 (No. 1) (154 of 2013)
Schedule 1
Petroleum Resource Rent Tax Assessment Regulations 2005
87 At the end of Part 7
Add:
42 Election to use residual pricing method - participant in onshore GTL operation
(1) A participant in an integrated GTL operation that recovers petroleum from an onshore petroleum project may elect to use the residual pricing method.
(2) An election under this regulation:
(a) must be made in a form approved by the Commissioner; and
(b) must be given to the Commissioner in the financial year before the production year for the operation.
(3) An election under this regulation is irrevocable.
43 Election to use modified residual pricing method - integrated GTL operation existing before 2 May 2010
(1) The participants in an integrated GTL operation that first processed project sales gas into project liquid before 2 May 2010 may elect to use a modified form of the residual pricing method.
(2) An election under this regulation:
(a) must be made by all participants in the operation jointly; and
(b) must be in a form approved by the Commissioner; and
(c) must be given to the Commissioner no later than:
(i) the day on which the participants must give to the Commissioner a starting base return under subclause 22(2) of Schedule 2 to the Act; or
(ii) a later day that the Commissioner allows.
(3) An election under this regulation is irrevocable.
Note: If an election has been made under this regulation, a number of provisions in these Regulations apply or operate differently. The differences include changes to the rules about capital costs (regulations 31 and 31A), and a reduction in the number of phases in an operation (regulation 6).
44 Election to use depreciated replacement cost method - integrated onshore operation existing before 2 May 2010
(1) The participants in an integrated onshore operation may elect to use the depreciated cost method.
(2) An election under this regulation:
(a) must be made by all participants in the operation jointly; and
(b) must be in a form approved by the Commissioner; and
(c) must be given to the Commissioner no later than:
(i) the end of the financial year before the production year; or
(ii) a later day that the Commissioner allows.
(3) An election under this regulation is irrevocable.