Taxation Laws Amendment Act (No. 6) 2001 (169 of 2001)

Schedule 1   Petroleum Resource Rent Tax

Part 1   Sales gas

Petroleum Resource Rent Tax Assessment Act 1987

5   At the end of section 24

Add:

; and (d) where any sales gas produced from petroleum recovered from the area or areas to which paragraph (a) applies becomes or became an excluded commodity by virtue of being sold:

(i) if the sale is a non-arm's length transaction - the amount worked out in accordance with the regulations; and

(ii) in any other case - the consideration receivable, less any expenses payable, by the person in relation to the sale; and

(e) where any sales gas produced from petroleum recovered from the area or areas to which paragraph (a) applies becomes or became an excluded commodity otherwise than by virtue of being:

(i) sold; or

(ii) treated or processed, or moved, for re-injection or destruction or for use in carrying on or providing operations, facilities or other things of a kind referred to in section 37, 38 or 39 in relation to the petroleum project;

the amount worked out in accordance with the regulations.

(2) In this section:

non-arm's length transaction means a transaction where the Commissioner, having regard to any connection between the parties to the transaction or to any other relevant circumstances, is satisfied that the parties to the transaction are not dealing with each other at arm's length in relation to the transaction.