Petroleum Resource Rent Tax Assessment Regulations 2024 (F2024L00964)

Part 1   Preliminary

Division 2   Definitions

5   Definitions

Note: Other definitions are set out in section 2 of the Act, including the following:

(a) excluded commodity ;

(b) financial year ;

(c) instalment period ;

(d) long-term bond rate ;

(e) marketable petroleum commodity ;

(f) petroleum ;

(g) petroleum project ;

(h) sales gas ;

(i) year of tax .

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.

capital allocation period :

(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 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).