Petroleum Resource Rent Tax Assessment Amendment Regulation 2013 (No. 1) (154 of 2013)

Schedule 1  

Petroleum Resource Rent Tax Assessment Regulations 2005

45   Subregulation 10(2) (paragraph (c) of the definition of VB )

Repeal the paragraph, substitute:

(c) if the current year is after the base year - the amount calculated using the formula:

sum n=1 to n of Vn divided by N
              

where:

n is a year of tax, with the base year being year 1, the year after the base year being year 2, and so on.

N is the number of years of tax from the base year to the current year (inclusive).

Vn is the actual volume of project natural gas for year n.