Taxation Laws Amendment Act (No. 6) 2001 (169 of 2001)
Schedule 1 Petroleum Resource Rent Tax
Part 2 The 5 year rule
Petroleum (Submerged Lands) Act 1967
13 At the end of section 41
(3) If the Designated Authority receives an application, or further information, the Designated Authority must, within 28 days, determine whether or not sufficient information has been received to determine the application. If the Designated Authority considers that sufficient information has been provided, the Designated Authority must issue the applicant with a notice to that effect specifying the last date on which information was provided.
(4) The issuing of a notice under subsection (3) does not prevent the Designated Authority from later requiring further information under subsection (2). However, the later request does not affect the notice under subsection (3).
(5) If an application is finalised without a licence being granted, any notice issued under subsection (3) in relation to that application is taken never to have been issued.
Examples: An application may be finalised because it is withdrawn or because it is refused.