Treasury Laws Amendment (2019 Petroleum Resource Rent Tax Reforms No. 1) Act 2019 (43 of 2019)

Schedule 1   Reform of the petroleum resource rent tax

Part 3   Other amendments

Petroleum Resource Rent Tax Assessment Act 1987

80   Subsection 20(4)

Repeal the subsection, substitute:

(4) The Minister may only issue a certificate under subsection (1) in respect of petroleum projects if:

(a) a person who is entitled to receive at least half of the receipts from the sale of petroleum or marketable petroleum commodities produced in relation to each of the projects applies, in writing, to the Minister for the certificate to be issued; or

(b) 2 or more persons who together are entitled to receive at least half of those receipts apply, in writing, to the Minister for the certificate to be issued.

(4A) An application under subsection (4) may only be made within:

(a) the period of 90 days beginning on the day the most recent production licence in relation to any of the petroleum projects came into force; or

(b) if the Minister allows a longer period - that longer period.

(4B) If the Minister does not make a decision on an application under subsection (4) before the later of the following times:

(a) the end of the period of 90 days after the application is made;

(b) if the Minister extends that period under subsection (4C) - the end of the extended period;

the Minister is taken, for the purposes of subsection (12), to have refused the application at that time.

(4C) The Minister may, by written notice to the applicant or applicants, extend the period mentioned in subsection (4B) if the Minister is satisfied that it is necessary to do so to adequately consider the application.