PETROLEUM RESOURCE RENT TAX ASSESSMENT REGULATIONS 2005 (REPEALED)
The participants in an integrated GTL operation that first processed project sales gas into project liquid before 2 May 2010 may elect to use a modified form of the residual pricing method.
43(2)
An election under this regulation:
(a) must be made by all participants in the operation jointly; and
(b) must be in a form approved by the Commissioner; and
(c) must be given to the Commissioner no later than:
(i) the day on which the participants must give to the Commissioner a starting base return under subclause 22(2) of Schedule 2 to the Act; or
(ii) a later day that the Commissioner allows.
43(3)
An election under this regulation is irrevocable.
Note:
If an election has been made under this regulation, a number of provisions in these Regulations apply or operate differently. The differences include changes to the rules about capital costs (regulations 31 and 31A ), and a reduction in the number of phases in an operation (regulation 6 ).
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