Petroleum Resource Rent Tax Assessment Amendment Regulation 2013 (No. 1) (154 of 2013)

Schedule 1  

Petroleum Resource Rent Tax Assessment Regulations 2005

62   Subregulation 23(1)

Repeal the subregulation, substitute:

(1) The netback price of an assessable gas for a taxpayer who is a participant in an integrated operation in a year of tax is:

((((EPV al) - ((DCC x QC) + DOC))/QAG)- (DPC/QTDG))
          

where:

DCC (downstream capital costs) is the total amount of downstream capital costs incurred by the participants and allocated to the year of tax (see regulation 25).

DOC (downstream operating costs) is the total amount of downstream operating costs incurred by the participants in the year of tax (see regulation 25).

DPC (downstream personal costs) is the total amount of downstream personal costs of the taxpayer for the year of tax.

EPVal (end product value) is the total market value in the year of tax of:

(a) for an integrated GTL operation - the project liquid produced; or

(b) for an integrated GTE operation - the project electricity produced.

QAG (quantity of assessable gas) is the quantity, measured by volume or mass, of the assessable gas that was produced in the operation in the year of tax.

QC (quantity coefficient) is:

(a) for an integrated operation that measures by volume - the volume coefficient for the year of tax; and

(b) for an integrated operation that measures by mass - the mass coefficient for the year of tax.

QTDG (quantity of taxpayer’s downstream gas) is the quantity, measured by volume or mass, of the assessable gas that was produced in the operation in the year of tax and:

(a) for an integrated GTL operation - processed into project liquid that the taxpayer was entitled to receive (including any of that gas that was used in that processing); or

(b) for an integrated GTE operation - consumed in the production of project electricity that the taxpayer was entitled to receive.