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PETROLEUM RESOURCE RENT TAX ASSESSMENT REGULATIONS 2005 (SLI NO 329
OF 2005)
TABLE OF PROVISIONS
PART 1--PRELIMINARY
1. Name of Regulations
2. Commencement
PART 2--DEFINITION PROVISIONS
3. Definitions
4. When an integrated GTL operation exists
5. What an integrated GTL operation consists of
6. Phase points of an integrated GTL operation
7. When there is multiple use of a phase
8. Who the participants are in an integrated GTL operation
9. The estimated average annual volume of project natural gas
10. Meaning of volume coefficient
11. Augmentation of a capital cost
12. Reduction of a capital cost
13. Capital allowance
PART 3--ASSESSABLE PETROLEUM RECEIPTS FOR SALES GAS
14. Assessable petroleum receipts — sales gas becoming excluded commodity by being sold (Act s 24 (1) (d) (i))
15. Assessable petroleum receipts — sales gas becoming excluded commodity otherwise than by being sold (Act s 24 (1) (e))
16. Integrated GTL operations with non-arm’s length sale
17. Integrated GTL operations with no sale
18. Advance pricing arrangements
PART 4--THE SUBSTITUTE PRICES
19. The comparable uncontrolled price
20. The RPM price (the project sales gas transfer price using the residual pricing method)
21. RPM price where information is not available
22. Cost-plus price
23. Netback price
PART 5--THE RESIDUAL PRICING METHOD
Division 5.1--The residual pricing method
24. Costs are net of GST tax credits and adjustments
25. The residual pricing method for working out cost-plus and netback prices
Division 5.2--Identifying and classifying included costs
26. Types of cost associated with an integrated GTL operation
27. Exclusion of certain costs of an integrated GTL operation
28. Direct, indirect and personal costs
29. Exclusion of personal costs of other participants
30. Included costs
31. Capital and operating costs
32. Phase costs and upstream and downstream costs
Division 5.3--Allocating capital costs to years of tax
33. Capital costs incurred for a unit of property completed over several years
34. Capital costs incurred before the production year — project sales gas produced first
35. Capital costs incurred before the production year — other marketable petroleum commodities produced first
36. Allocating capital costs to a year of tax
Division 5.4--Accounting for multiple use of a phase
37. Applying the energy coefficients to costs of each phase
PART 6--NOTIONAL TAX AMOUNT — SALES GAS
38. Notional tax amount when RPM price not used (Act s 97 (1AA) (b))
39. Notional tax amount when RPM price used (Act s 97 (1AA) (b))
40. Notional tax amount when no previous RPM price
PART 7--MISCELLANEOUS
41. Review of decisions — prescribed decisions
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