Petroleum Resource Rent Tax Assessment Regulations 2024

PART 2 - ASSESSABLE PETROLEUM RECEIPTS  

SECTION 23   SALE ENTITLEMENT SHARE  

23(1)    
For the purposes of subsections 22(4) and (6) , a taxpayer ' s sale entitlement share in relation to a sale of project sales gas of a relevant operation is to be worked out by applying the formula:

Entitlement proportion × Quantity of project sales gas

where:

entitlement proportion
means the proportion of the receipts from the sale that the taxpayer is entitled to receive.

quantity of project sales gas
means the volume or mass of project sales gas sold.

23(2)    
For the purposes of subsection (1) , a taxpayer ' s entitlement proportion is to be worked out to 3 decimal places, rounding up if the fourth decimal place is 5 or more.

23(3)    
The Commissioner may make fair and reasonable adjustments to a taxpayer ' s sale entitlement share for the purpose of ensuring that the total of all sale entitlement shares of all participants in the relevant operation in relation to the sale is equal to the volume or mass of project sales gas sold.