PETROLEUM RESOURCE RENT TAX ASSESSMENT REGULATIONS 2005 (REPEALED)

PART 3 - ASSESSABLE PETROLEUM RECEIPTS  

REGULATION 15   ASSESSABLE PETROLEUM RECEIPTS - SALES GAS OF INTEGRATED OPERATION BECOMING EXCLUDED COMMODITY OTHER THAN BY BEING SOLD  

15(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

15(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

15(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 .

15(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

15(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 .

15(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.

15(7)    
In this regulation:

transaction
means the act by which the project sales gas becomes or became an excluded commodity.