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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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