PETROLEUM RESOURCE RENT TAX ASSESSMENT REGULATIONS 2005 (REPEALED)
PART 7
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MISCELLANEOUS
REGULATION 42
ELECTION TO USE RESIDUAL PRICING METHOD
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PARTICIPANT IN ONSHORE GTL OPERATION
42(1)
A participant in an integrated GTL operation that recovers petroleum from an onshore petroleum project may elect to use the residual pricing method.
42(2)
An election under this regulation:
(a) must be made in a form approved by the Commissioner; and
(b) must be given to the Commissioner in the financial year before the production year for the operation.
42(3)
An election under this regulation is irrevocable.
A participant in an integrated GTL operation that recovers petroleum from an onshore petroleum project may elect to use the residual pricing method.
42(2)
An election under this regulation:
(a) must be made in a form approved by the Commissioner; and
(b) must be given to the Commissioner in the financial year before the production year for the operation.
42(3)
An election under this regulation is irrevocable.
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