PETROLEUM RESOURCE RENT TAX ASSESSMENT REGULATIONS 2005 (REPEALED)

PART 7 - MISCELLANEOUS  

REGULATION 43   ELECTION TO USE MODIFIED RESIDUAL PRICING METHOD - INTEGRATED GTL OPERATION EXISTING BEFORE 2 MAY 2010  

43(1)    
The participants in an integrated GTL operation that first processed project sales gas into project liquid before 2 May 2010 may elect to use a modified form of the residual pricing method.

43(2)    
An election under this regulation:

(a) must be made by all participants in the operation jointly; and

(b) must be in a form approved by the Commissioner; and

(c) must be given to the Commissioner no later than:

(i) the day on which the participants must give to the Commissioner a starting base return under subclause 22(2) of Schedule 2 to the Act; or

(ii) a later day that the Commissioner allows.

43(3)    
An election under this regulation is irrevocable.

Note:

If an election has been made under this regulation, a number of provisions in these Regulations apply or operate differently. The differences include changes to the rules about capital costs (regulations 31 and 31A ), and a reduction in the number of phases in an operation (regulation 6 ).