PETROLEUM RESOURCE RENT TAX ASSESSMENT REGULATIONS 2005 (REPEALED)

PART 5 - THE RESIDUAL PRICING METHOD  

Division 5.2 - Identifying and classifying included costs  

REGULATION 31A   AMOUNT AND TIMING OF INCLUDED CAPITAL COST  

31A(1)    
For Step 6 of the residual pricing method, this regulation applies to an included capital cost if:


(a) the cost is for:


(i) an integrated GTL operation for which an election has been made under regulation 43 ; or

(ii) an integrated onshore operation for which an election has been made under regulation 44 ; and


(b) the cost was incurred before 1 July 2012.

31A(2)    
An included capital cost to which this regulation applies is taken, for the purpose of the residual pricing method, to have been incurred on 1 July 2012 and not incurred when it was actually incurred.

Note:

This will affect the operation of Steps 8 to 10 of the method.

31A(3)    
If the cost was for a unit of property that was completed before 2 May 2010, the amount of the cost is taken to be the depreciated replacement cost of the unit at 1 May 2010.

31A(4)    
In this regulation:

depreciated replacement cost
has the same meaning as in Accounting Standard AASB 136 Impairment of Assets .


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