Petroleum Resource Rent Tax Assessment Amendment Regulation 2013 (No. 1) (154 of 2013)
Schedule 1
Petroleum Resource Rent Tax Assessment Regulations 2005
49 Regulations 14 to 17
Repeal the regulations, substitute:
14 Assessable petroleum receipts - sales gas of integrated operation with non-arm’s length sale
(1) For subparagraph 24(1)(d)(iii) of the Act, this regulation applies to sales gas that has been sold if:
(a) it is project sales gas of an integrated operation; and
(b) the sale is a non-arm’s length transaction.
Note: Paragraph 24(1)(b) of the Act applies to other sales of sales gas.
Advance pricing arrangement
(2) If an advance pricing arrangement applies to the sale, the amount of assessable petroleum receipts of a taxpayer is the amount calculated in accordance with the arrangement.
Comparable uncontrolled price
(3) The assessable petroleum receipts of a taxpayer in relation to the sale is the amount calculated under subregulation (4) if:
(a) no advance pricing arrangement applies to the sale; and
(b) a comparable uncontrolled price exists for the sale; and
(c) no election has been made in relation to the integrated operation under regulation 42 or 43.
(4) The amount is the higher of:
(a) the consideration received or receivable, less any expenses payable, by the taxpayer in relation to the sale; and
(b) the comparable uncontrolled price multiplied by the volume or mass of project sales gas sold.
Residual pricing method
(5) The assessable petroleum receipts of a taxpayer in relation to the sale is the amount calculated under subregulation (6) if:
(a) no advance pricing arrangement applies to the sale; and
(b) either:
(i) no comparable uncontrolled price exists for the sale; or
(ii) an election has been made in relation to the integrated operation under regulation 42 or 43.
(6) The amount is the higher of:
(a) the consideration received or receivable, less any expenses payable, by the taxpayer in relation to the sale; and
(b) the RPM price of project sales gas for the taxpayer in the year of tax in which the sale took place multiplied by the volume or mass of project sales gas sold.
15 Assessable petroleum receipts - sales gas of integrated operation becoming excluded commodity other than by being sold
(1) For paragraph 24(1)(e) of the Act, this regulation applies to sales gas that becomes or became an excluded commodity if it is project sales gas of an integrated operation.
Note: Paragraph 24(1)(c) of the Act applies to other sales gas that becomes an excluded commodity.
Advance pricing arrangement
(2) If an advance pricing arrangement applies to the transaction, the amount of assessable petroleum receipts of a taxpayer is the amount calculated in accordance with the arrangement.
Comparable uncontrolled price
(3) The assessable petroleum receipts of a taxpayer in relation to the transaction is the amount calculated under subregulation (4) if:
(a) no advance pricing arrangement applies to the transaction; and
(b) a comparable uncontrolled price exists for the transaction; and
(c) no election has been made in relation to the integrated operation under regulation 42 or 43.
(4) The amount is the comparable uncontrolled price multiplied by the volume or mass of project sales gas subject to the transaction.
Residual pricing method
(5) The assessable petroleum receipts of a taxpayer in relation to the transaction is the amount calculated under subregulation (6) if:
(a) no advance pricing arrangement applies to the sale; and
(b) either:
(i) no comparable uncontrolled price exists for the sale; or
(ii) an election has been made in relation to the integrated operation under regulation 42 or 43.
(6) The amount is the RPM price of project sales gas for the taxpayer in the year of tax in which the transaction took place multiplied by the volume or mass of project sales gas subject to the transaction.
(7) In this regulation:
transaction means the act by which the project sales gas becomes or became an excluded commodity.
16 Assessable petroleum receipts - natural gas of onshore integrated operation with non-arm’s length sale
(1) For subparagraph 24(1)(f)(ii) of the Act, this regulation applies to natural gas that has been sold if:
(a) it is project natural gas of an integrated operation that recovers petroleum from an onshore petroleum project; and
(b) the sale is a non-arm’s length transaction.
Note: Paragraph 24(1)(a) of the Act applies to other sales of natural gas.
Advance pricing arrangement
(2) If an advance pricing arrangement applies to the sale, the amount of assessable petroleum receipts of a taxpayer is the amount calculated in accordance with the arrangement.
Comparable uncontrolled price
(3) The assessable petroleum receipts of a taxpayer in relation to the sale is the amount calculated under subregulation (4) if:
(a) no advance pricing arrangement applies to the sale; and
(b) a comparable uncontrolled price exists for the sale; and
(c) no election has been made in relation to the integrated operation under regulation 42 or 43.
(4) The amount is the higher of:
(a) the consideration received or receivable, less any expenses payable, by the taxpayer in relation to the sale; and
(b) the comparable uncontrolled price multiplied by the volume or mass of project natural gas sold.
Residual pricing method
(5) The assessable petroleum receipts of a taxpayer in relation to the sale is the amount calculated under subregulation (6) if:
(a) no advance pricing arrangement applies to the sale; and
(b) either:
(i) no comparable uncontrolled price exists for the sale; or
(ii) an election has been made in relation to the integrated operation under regulation 42 or 43.
(6) The amount is the higher of:
(a) the consideration received or receivable, less any expenses payable, by the taxpayer in relation to the sale; and
(b) the RPM price of project natural gas for the taxpayer in the year of tax in which the sale took place multiplied by the volume or mass of project natural gas sold.