PETROLEUM RESOURCE RENT TAX ASSESSMENT REGULATIONS 2005 (REPEALED)
PART 7
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MISCELLANEOUS
REGULATION 44
ELECTION TO USE DEPRECIATED REPLACEMENT COST METHOD
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INTEGRATED ONSHORE OPERATION EXISTING BEFORE 2 MAY 2010
44(1)
The participants in an integrated onshore operation may elect to use the depreciated cost method.
44(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:
44(3)
An election under this regulation is irrevocable.
The participants in an integrated onshore operation may elect to use the depreciated cost method.
44(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 end of the financial year before the production year; or
(ii) a later day that the Commissioner allows.
44(3)
An election under this regulation is irrevocable.
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