PETROLEUM RESOURCE RENT TAX ASSESSMENT REGULATIONS 2005 (REPEALED)

PART 2 - DEFINITION PROVISIONS  

REGULATION 9   ESTIMATED AVERAGE ANNUAL VOLUME OR MASS OF PROJECT NATURAL GAS  

9(1)    
The participants in an integrated operation must give to the Commissioner estimates of:

(a) the operating life of the operation, in years; and

(b) either:

(i) if the participants will measure by volume - the total volume of project natural gas to be recovered during the life of the operation; or

(ii) if the participants will measure by mass - the total mass of project natural gas to be recovered during the life of the operation.

9(2)    
The estimates must be given to the Commissioner:

(a) if an election has been made in relation to the integrated operation under regulation 43 - 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.

(b) otherwise - in the financial year before the production year.

9(3)    
As soon as practicable after receiving an estimate (including a revised estimate under subregulation (4)) from the participants, the Commissioner must notify them in writing that the Commissioner:

(a) accepts the estimate or revised estimate; or

(b) has substituted an estimate under subregulation (5).

9(4)    
If, from new information, it appears that an estimate notified by the Commissioner is inaccurate, the participants must give to the Commissioner a revised estimate.

9(5)    
If, having regard to relevant information, the Commissioner is not satisfied that an estimate given by the participants for subregulation (1) or (4) is reasonable, the Commissioner may substitute an estimate that the Commissioner is satisfied is reasonable.

9(6)    
For an operation in which natural gas will be measured by volume, the estimated average annual volume of project natural gas is (using the estimates notified by the Commissioner):

	Estimated total volume of project natural gas
	Estimated operating life

9(7)    
For an operation in which natural gas will be measured by mass, the estimated average annual mass of project natural gas is (using the estimates notified by the Commissioner):

	Estimated total mass of project natural gas
	Estimated operating life

9(8)    
The expected operating life of the integrated operation is the period of years estimated as the operating life, as notified by the Commissioner, beginning with the production year.