PETROLEUM RESOURCE RENT TAX ASSESSMENT REGULATIONS 2005 (REPEALED)

PART 6 - NOTIONAL TAX AMOUNT - SALES GAS  

REGULATION 39   NOTIONAL TAX AMOUNT WHEN RPM PRICE USED (ACT S 97(1AA)(b))  

39(1)    
This regulation applies if a participant in an integrated operation uses an RPM price for an assessable gas in working out assessable petroleum receipts under regulation 14 , 15 or 16 , and had an RPM price for the previous year of tax.

39(2)    
For paragraph 97(1AA)(b) of the Act, the amount that is to be included in calculating the current period liability under subsection 97(1A) of the Act is:

	EPVal	×	RPM PREV × QAG PREV
			EPVal PREV

where:

EPVal
is the end product value for the participant in the instalment period.

EPVal _PREV
is the end product value for the participant in the previous year of tax.

QAG _PREV
is the 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 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 participant was entitled to receive in the downstream stage.

RPM _PREV
is the RPM price for the assessable gas for the participant for the previous year of tax.

39(3)    
The end product value for the participant in a period is the total market value of:

(a) for an integrated GTL operation - the project liquid to which the participant is entitled in the period; or

(b) for an integrated GTE operation - the project electricity to which the participant is entitled in the period.

39(4)    
If the participant sells a quantity of project liquid or project electricity from the operation as part of the operation in the period, and the sale is an arm ' s length transaction, the market value of the quantity is taken to be the amount received for the sale.

39(5)    
For a quantity of project liquid or project electricity to which subregulation (4) does not apply, the market value of the quantity is the market value at the end of the downstream stage.

39(6)    
If the Commissioner is not satisfied that sufficient information is available to determine a market value for subregulation (5), the market value of the quantity of project liquid or project electricity is the amount determined by the Commissioner as fair and reasonable.