PETROLEUM RESOURCE RENT TAX ASSESSMENT REGULATIONS 2005 (REPEALED)

PART 2 - DEFINITION PROVISIONS  

REGULATION 3  

3   DEFINITIONS  
In these Regulations:

Act
means the Petroleum Resource Rent Tax Assessment Act 1987 .

actual mass of project natural gas
, in relation to an integrated operation and a year of tax in which the operation produces project liquid or project electricity, means the mass of project natural gas that was used to produce project liquid or project electricity.

actual volume of project natural gas
, in relation to an integrated operation and a year of tax in which the operation produces project liquid or project electricity, means the volume of project natural gas that was used to produce project liquid or project electricity.

advance pricing arrangement
has the meaning given by subregulation 18(1) .

annual allocation
, of a capital cost, has the meaning given by regulation 36 .

arm ' s length price
means the consideration received or receivable in relation to a transaction in which the parties are dealing with each other at arm ' s length.

assessable gas
means:

(a) in relation to calculating assessable petroleum receipts relating to sales gas - project sales gas; and

(b) in relation to calculating assessable petroleum receipts relating to natural gas - project natural gas.

assessment year
means the year of tax for which an RPM price is to be calculated using the residual pricing method.

augmented
, in relation to a capital cost, has the meaning given by regulation 11 .

capital allowance
, for a financial year, has the meaning given by regulation 13 .

capital cost
has the meaning given by subregulation 31(1) .

comparable uncontrolled price
or CUP
:

(a) in relation to sales gas: see subregulation 19(1) ; and

(b) in relation to natural gas: see subregulation 19(1A) .

direct cost
has the meaning given by regulation 28 .

downstream
, in relation to a cost, has the meaning given by subregulation 32(6) .

downstream stage
:

(a) of an integrated GTL operation for the purposes of calculating assessable petroleum receipts relating to sales gas: see subregulation 5(2) ; and

(b) of an integrated GTE operation for the purposes of calculating assessable petroleum receipts relating to sales gas: see subregulation 5(3) ; and

(c) of an integrated GTL operation for the purposes of calculating assessable petroleum receipts relating to natural gas: see subregulation 5(5) ; and

(d) of an integrated GTE operation for the purposes of calculating assessable petroleum receipts relating to natural gas: see subregulation 5(6) .

estimated average annual mass of project natural gas
for an integrated operation: see subregulation 9(7) .

estimated average annual volume of project natural gas
for an integrated operation: see subregulation 9(6) .

expected operating life
of an integrated operation: see subregulation 9(8) .

included cost
has the meaning given by regulation 30 .

indirect cost
has the meaning given by subregulation 28(5) .

integrated GTE operation
: see subregulation 4A(1) .

integrated GTL operation
see subregulation 4(1) .

integrated operation
means an integrated GTE operation or an integrated GTL operation.

mass coefficient
, for an integrated operation in a year of tax: see subregulation 10A(2) .

MPC production year
:

(a) for an integrated GTL operation: see subregulation 4(9) ; and

(b) for an integrated GTE operation: see subregulation 4A(9) .

multiple use
, of a unit of property, has the meaning given by regulation 7 .

non-arm ' s length transaction
: see regulation 8A .

operating cost
has the meaning given by subregulation 31(2) .

operating life
:

(a) of an integrated GTL operation: see subregulation 4(8) ; and

(b) of an integrated GTE operation: see subregulation 4A(8) .

participant
, in an integrated operation, has the meaning given by regulation 8 .

personal cost
has the meaning given by subregulation 28(6) .

petroleum product
, of an operation, means petroleum, or a product of petroleum, that is recovered, produced or processed in the operation.

phase
, of an integrated operation, has the meaning given by subregulation 6(2) .

phase cost
, for a phase of an integrated operation, means the phase cost worked out using subregulations 32(2) and (3) .

production date
:

(a) for an integrated GTL operation: see subregulation 4(7) ; and

(b) for an integrated GTE operation: see subregulation 4A(7) .

production year
:

(a) for an integrated GTL operation: see subregulation 4(6) ; and

(b) for an integrated GTE operation: see subregulation 4A(6) .

project electricity
, of an integrated GTE operation: see subregulation 4A(4) .

project liquid
, of an integrated GTL operation, has the meaning given by subregulation 4(4) .

project natural gas
:

(a) of an integrated GTL operation: see subregulation 4(2) ; and

(b) of an integrated GTE operation: see subregulation 4A(2) .

project product
:

(a) of an integrated GTL operation: see subregulation 4(5) ; and

(b) of an integrated GTE operation: see subregulation 4A(5) .

project sales gas
:

(a) of an integrated GTL operation: see subregulation 4(3) ; and

(b) of an integrated GTE operation: see subregulation 4A(3) .

reduced
, in relation to a capital cost, has the meaning given by regulation 12 .

residual pricing method
has the meaning given by regulation 25 .

RPM price
, for a participant in an integrated operation in a year of tax, has the meaning given by regulations 20 and 21 .

start date
, in relation to capital cost incurred in an integrated operation, means 1 January of the financial year in which the cost is incurred.

taxpayer
means a person who is a participant in an integrated operation and whose assessable petroleum receipts in relation to sales gas or natural gas from that operation are to be worked out under these Regulations because of regulation 14 , 15 or 16 .

upstream
, in relation to a cost, has the meaning given by subregulation 32(5) .

upstream stage
:

(a) of an integrated operation for the purposes of calculating assessable petroleum receipts relating to sales gas: see subregulation 5(1) ; and

(b) of an integrated operation for the purposes of calculating assessable petroleum receipts relating to natural gas: see subregulation 5(4) .

volume coefficient
, for an integrated operation in a year of tax: see subregulation 10(2) .

Note:

For the definitions of the following terms, see section 2 of the Act:

(a) excluded commodity ;

(b) financial year ;

(c) instalment period ;

(d) long-term bond rate ;

(e) marketable petroleum commodity ;

(f) onshore petroleum project ;

(g) petroleum ;

(h) petroleum project ;

(i) sales gas ;

(j) year of tax .