Commonwealth Numbered Regulations

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PETROLEUM RESOURCE RENT TAX ASSESSMENT REGULATION 2015 (SLI NO 254 OF 2015)


TABLE OF PROVISIONS

   PART 1--PRELIMINARY

           Division 1--Preliminary

   1.      Name  
   2.      Commencement  
   3.      Authority  
   4.      Schedules  

           Division 2--Definitions

   5.      Definitions  
   6.      When an integrated GTL operation exists  
   7.      When an integrated GTE operation exists  
   8.      Upstream and downstream stages of integrated operation  
   9.      Phase points of integrated operation  
   10.     When there is multiple use of a phase  
   11.     Participants in an integrated operation  
   12.     Non-arm's length transaction  
   13.     Estimated average annual volume or mass of project natural gas  
   14.     Meaning of volume coefficient  
   15.     Meaning of mass coefficient  
   16.     Augmentation of a capital cost  
   17.     Reduction of a capital cost  
   18.     Capital allowance  

   PART 2--ASSESSABLE PETROLEUM RECEIPTS

   19.     Assessable petroleum receipts--sales gas of integrated operation with non-arm's length sale  
   20.     Assessable petroleum receipts--sales gas of integrated operation becoming excluded commodity other than by being sold  
   21.     Assessable petroleum receipts--natural gas of onshore integrated operation with non-arm's length sale  
   22.     Advance pricing arrangements  

   PART 3--THE SUBSTITUTE PRICES

   23.     The comparable uncontrolled price  
   24.     RPM price (transfer price using the residual pricing method)  
   25.     RPM price where information is not available  
   26.     Cost-plus price  
   27.     Netback price  

   PART 4--THE RESIDUAL PRICING METHOD

           Division 1--The residual pricing method

   28.     Costs are net of GST tax credits and adjustments  
   29.     When the residual pricing method can be applied  
   30.     The residual pricing method for working out cost-plus price and netback price  

           Division 2--Identifying and classifying included costs

   31.     Types of cost associated with integrated operation  
   32.     Exclusion of certain costs of integrated operation  
   33.     Direct, indirect and personal costs  
   34.     Exclusion of personal costs of other participants  
   35.     Included costs  
   36.     Capital costs and operating costs  
   37.     Amount and timing of included capital cost  
   38.     Phase costs and upstream and downstream costs  

           Division 3--Allocating capital costs to years of tax

   39.     Capital costs incurred for a unit of property completed over several years  
   40.     Capital costs incurred before the production year--project sales gas produced first  
   41.     Capital costs incurred before the production year--other marketable petroleum commodities produced first  
   42.     Allocating capital costs to a year of tax  

           Division 4--Accounting for multiple use of a phase

   43.     Applying the energy coefficients to costs of each phase  

   PART 5--NOTIONAL TAX AMOUNT--SALES GAS

   44.     Notional tax amount when RPM price not used  
   45.     Notional tax amount when RPM price used  
   46.     Notional tax amount when no previous RPM price  

   PART 6--MISCELLANEOUS

   47.     Review of decisions--prescribed decisions  
   48.     Election for a single upstream phase point--integrated onshore GTL operations  
   49.     Election to apply the residual pricing method--integrated onshore GTL operations  
   50.     Election to apply a modified residual pricing method--integrated GTL operations existing before 2 May 2010  
   51.     Election to use the depreciated replacement cost method--integrated onshore operations  
   52.     Election to use individual participant-based end product values  

   PART 7--TRANSITIONAL MATTERS

   53.     Things done under the Petroleum Resource Rent Tax Assessment Regulations 2005  


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