Petroleum Resource Rent Tax Assessment Act 1987

PART V - LIABILITY TO TAXATION

Division 2 - Assessable receipts

SECTION 24 ASSESSABLE PETROLEUM RECEIPTS

24(1)
For the purposes of this Act, a reference to assessable petroleum receipts derived by a person in relation to a petroleum project is a reference to:

(a) where any petroleum from the project is or was sold, whether processed or unprocessed, before any marketable petroleum commodity is or was produced from it - the consideration receivable, less any expenses payable, by the person in relation to the sale; and

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(b) where any marketable petroleum commodity (other than sales gas to which paragraph (d) applies) produced from petroleum from the project becomes or became an excluded commodity by virtue of being sold - the consideration receivable, less any expenses payable, by the person in relation to the sale; and

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(c) where any marketable petroleum commodity (other than sales gas to which paragraph (e) applies) produced from petroleum from the project 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;

so much of the market value of the commodity immediately before it becomes or became an excluded commodity, or, where there is insufficient evidence of that market value, of such amount as, in the opinion of the Commissioner, is fair and reasonable, as is taken by section 26 to be derived by the person; and

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(d) where:

(i) any sales gas produced from petroleum from the project becomes or became an excluded commodity by virtue of being sold; and

(ii) (Repealed by No 18 of 2012)

(iii) the regulations apply to the sales gas;

the amount worked out in accordance with the regulations; and

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(e) where the regulations apply to any sales gas produced from petroleum from the project, and that sales gas 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.

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(f) (Repealed by No 43 of 2019)

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History

S 24(1) amended by No 43 of 2019, s 3 and Sch 2 items 32 - 34, by omitting " (other than project natural gas (within the meaning of the regulations) to which paragraph (f) applies) " after " where any petroleum " from para (a), substituting " regulations. " for " regulations; and " in para (e) and repealing para (f), effective 1 July 2019. For application, transitional and savings provisions, see note under s 31AA . Para (f) formerly read:

(f) where:

(i) any project natural gas (within the meaning of the regulations) recovered from the project is or has been sold; and

(ii) the regulations apply to the project natural gas;
the amount worked out in accordance with the regulations.

S 24(1) amended by No 18 of 2012, s 3 and Sch 2 items 14 to 16, by inserting " (other than project natural gas (within the meaning of the regulations) to which paragraph (f) applies) " in para (a), repealing para (d)(ii), and inserting para (f) at the end, effective 29 September 2012. Para (d)(ii) formerly read:

(ii) the sale is a non-arm ' s length transaction; and

S 24(1) amended by No 78 of 2006, s 3 and Sch 5 items 4 to 7, by inserting " to which paragraph (d) applies " after " sales gas " in para (b), inserting " to which paragraph (e) applies " after " sales gas " in para (c), substituting para (d) and substituting " the regulations apply to any sales gas produced from petroleum from the project, and that sales gas " for " any sales gas produced from petroleum from the project " in para (e), applicable only in relation to returns, assessments, notices and certificates under the Petroleum Resource Rent Tax Assessment Act 1987 in relation to financial years that start on or after 1 July 2006. Para (d) formerly read:

(d) where any sales gas produced from petroleum from the project 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

S 24(1) amended by No 101 of 2003, s 3 and Sch 5 items 9 and 10, by substituting " petroleum from the project " for " petroleum, or a constituent of petroleum, recovered from the production licence area or areas in relation to the project " in para (a) and " from the project " for " recovered from the area or areas to which paragraph (a) applies " in paras (b), (c), (d) and (e), effective 14 October 2003.

S 24(1) amended by No 169 of 2001, s 3 and Sch 1 items 2 to 5, by inserting " and " at the end of para (a), " (other than sales gas) " in paras (b) and (c) and inserting paras (d) and (e), effective 1 April 2002.

24(2)

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In this section:

non-arm ' s length transaction
(Repealed by No 43 of 2019)

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petroleum from the project
means any petroleum or a constituent of petroleum:

(a) that is recovered from the production licence area or areas in relation to the petroleum project in question; or

(b) that is external petroleum in relation to the project.

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