Petroleum Resource Rent Tax Assessment Regulations 2024
PART 6
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MISCELLANEOUS
SECTION 54
ELECTION TO APPLY A MODIFIED RESIDUAL PRICING METHOD
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RELEVANT GTL OPERATIONS EXISTING BEFORE 2 MAY 2010
54(1)
The participants in a relevant GTL operation that first processed project sales gas into project liquid before 2 May 2010 may elect to apply a modified form of the residual pricing method.
54(2)
An election under this section: (a) must be made by all participants in the operation jointly; and (b) must be in a form approved by the Commissioner; and (c) is irrevocable.
54(3)
If an election has been made under this section and one or more new participants are later added to the relevant GTL operation: (a) the election continues in force for the participants who made it; and (b) any new participant is also taken to have made the election at the time the new participant is added to the relevant GTL operation.
The participants in a relevant GTL operation that first processed project sales gas into project liquid before 2 May 2010 may elect to apply a modified form of the residual pricing method.
54(2)
An election under this section: (a) must be made by all participants in the operation jointly; and (b) must be in a form approved by the Commissioner; and (c) is irrevocable.
54(3)
If an election has been made under this section and one or more new participants are later added to the relevant GTL operation: (a) the election continues in force for the participants who made it; and (b) any new participant is also taken to have made the election at the time the new participant is added to the relevant GTL operation.
Note:
If an election has been made under this section, a number of provisions in this instrument apply or operate differently. The differences include changes to the rules about capital costs (see section 41 ), and a reduction in the number of phases in an operation (see section 9 ).
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