Petroleum Resource Rent Tax Assessment Regulations 2024
Note:
Other definitions are set out in section 2 of the Act, including the following:
In this instrument:
Act
means the
Petroleum Resource Rent Tax Assessment Act 1987
.
actual mass of project natural gas
, for a relevant 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
, for a relevant 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 subsection
26(1)
.
annual allocation
, for a capital cost, has the meaning given by section
47
.
arm
'
s length conditions
: see section
21
.
assessable gas
, for the purposes of working out assessable petroleum receipts relating to sales gas, means project sales gas.
assessment year
means the year of tax for which an RPM price is to be worked out by applying the residual pricing method.
augmented
, for a capital cost, has the meaning given by section
17
.
(a) for a unit of property in relation to which an election under section 48 is made - has the meaning given by section 48 ; or
(b) for any other unit of property - has the meaning given by subsection 47(5) .
Note:
See also subsection 47(6) , which affects the capital allocation period for capital costs incurred before the production date of a relevant operation.
capital allowance
, for a financial year, has the meaning given by section
19
.
capital cost
has the meaning given by subsection
40(1)
.
commercial tolling fee
: see section
20
.
commercial tolling phase
: see section
10
.
comparable uncontrolled price or
or
CUP
, in relation to a relevant transaction for a volume or mass of project sales gas, has the meaning given by subsection
27(1)
.
cost-plus price
has the meaning given by section
30
.
direct cost
has the meaning given by section
37
.
downstream
, for a cost, has the meaning given by subsection
42(6)
.
downstream stage
has the meaning given by:
(a) for a relevant GTL operation for the purposes of working out assessable petroleum receipts relating to sales gas - subsection 8(2) ; and
(b) for a relevant GTE operation for the purposes of working out assessable petroleum receipts relating to sales gas - subsection 8(3) .
estimated average annual mass of project natural gas
, for a relevant operation, has the meaning given by subsection
14(7)
.
estimated average annual volume of project natural gas
, for a relevant operation, has the meaning given by subsection
14(6)
.
estimated operating life
, of a relevant operation, has the meaning given by subsection
14(8)
.
included cost
has the meaning given by section
39
.
indirect cost
has the meaning given by subsection
37(5)
.
mass coefficient
, for a relevant operation in a year of tax, has the meaning given by subsection
16(2)
.
MPC production year
has the meaning given by:
(a) for a relevant GTL operation - subsection 6(9) ; and
(b) for a relevant GTE operation - subsection 7(9) .
multiple use
, of a unit of property, has the meaning given by section
11
.
netback price
has the meaning given by section
31
.
non-arm
'
s length transaction
has the meaning given by section
13
.
non-sale entitlement share
has the meaning given by section
25
.
non-sale transaction
has the meaning given by subsection
24(2)
.
operating cost
has the meaning given by subsection
40(3)
.
operating life
has the meaning given by:
(a) for a relevant GTL operation - subsection 6(8) ; and
(b) for a relevant GTE operation - subsection 7(8) .
participant
, in a relevant operation, has the meaning given by section
12
.
personal cost
has the meaning given by subsection
37(6)
.
petroleum product
, of an operation, means petroleum, or a product of petroleum, that is recovered, produced or processed in the operation.
phase
, of a relevant operation, has the meaning given by subsection
9(3)
, subject to section
10
.
phase cost
, for a phase of a relevant operation, means the phase cost worked out using subsections
42(2)
and
(3)
.
phase point
: see sections
9
and
10
.
production date
has the meaning given by:
(a) for a relevant GTL operation - subsection 6(7) ; and
(b) for a relevant GTE operation - subsection 7(7) .
production year
has the meaning given by:
(a) for a relevant GTL operation - subsection 6(6) ; and
(b) for a relevant GTE operation - subsection 7(6) .
project electricity
, of a relevant GTE operation, has the meaning given by subsection
7(4)
.
project liquid
, of a relevant GTL operation, has the meaning given by subsection
6(4)
.
project natural gas
has the meaning given by:
(a) for a relevant GTL operation - subsection 6(2) ; and
(b) for a relevant GTE operation - subsection 7(2) .
project product
has the meaning given by:
(a) for a relevant GTL operation - subsection 6(5) ; and
(b) for a relevant GTE operation - subsection 7(5) .
project sales gas
has the meaning given by:
(a) for a relevant GTL operation - subsection 6(3) ; and
(b) for a relevant GTE operation - subsection 7(3) .
reduced
, for a capital cost, has the meaning given by section
18
.
relevant GTE operation
has the meaning given by subsection
7(1)
.
relevant GTL operation
has the meaning given by subsection
6(1)
.
relevant operation
means a relevant GTE operation or a relevant GTL operation.
relevant sector cost
has the meaning given by subsection
37(2)
.
residual pricing method
means the method statement in section
34
.
RPM price
, for a participant in a relevant operation in a year of tax, has the meaning given by sections
28
and
29
.
sale entitlement share
has the meaning given by section
23
.
source project
, in relation to a relevant operation, means the petroleum project from which petroleum is, or will be, recovered in the relevant operation.
start date
, for a capital cost incurred in a relevant operation, means 1 January of the financial year in which the cost is incurred.
taxpayer
, in relation to a relevant operation, means a person:
(a) who holds an interest in the operation that entitles the person, at the end of at least one phase, to:
(i) petroleum product of the operation, other than petroleum product that is destroyed, used as fuel or otherwise consumed in the operation; or
(ii) electricity produced in the operation; and
(b) whose assessable petroleum receipts in relation to sales gas from the operation are to be worked out under this instrument because of section 22 or 24 .
tolling arrangement
, in relation to a relevant operation, has the meaning given by section
20
.
upstream
, for a cost, has the meaning given by subsection
42(5)
.
upstream stage
, for the purposes of working out assessable petroleum receipts relating to sales gas, has the meaning given by subsection
8(1)
.
volume coefficient
, for a relevant operation in a year of tax, has the meaning given by subsection
15(2)
.
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