Petroleum Resource Rent Tax Assessment Amendment Regulation 2013 (No. 1) (154 of 2013)

Schedule 1  

Petroleum Resource Rent Tax Assessment Regulations 2005

30   After regulation 4

Insert:

4A When integrated GTE operation exists

(1) An integrated GTE operation exists if there is an operation (the overall operation ) in which:

(a) petroleum is, or will be, recovered from a petroleum project; and

(b) sales gas is, or will be, produced from some or all of the petroleum; and

(c) some or all of the sales gas is, or will be, consumed in the commercial production of electricity.

(2) The project natural gas of the integrated GTE operation is the petroleum (natural gas) mentioned in paragraph (1)(a) from which sales gas will be produced and consumed in the production of electricity within the overall operation (including any of that natural gas that is used in that production).

(3) The project sales gas of the integrated GTE operation is the sales gas mentioned in paragraph (1)(b) that will be consumed in the production of electricity within the overall operation (including any of that sales gas that is used in that production).

(4) The electricity mentioned in paragraph (1)(c) is project electricity of the integrated GTE operation.

(5) The project natural gas, project sales gas and project electricity are project product of the integrated GTE operation.

(6) The year of tax in which the project sales gas is first consumed in the production of project electricity is the production year for the integrated GTE operation.

(7) The production date for the integrated GTE operation is 31 December of the production year.

(8) The period beginning with the production year and ending with the year of tax in which projects sales gas is last consumed in the production of project electricity is the operating life of the integrated GTE operation.

(9) If the integrated GTE operation produces a marketable petroleum commodity other than project sales gas, the year of tax in which it is first produced is the MPC production year for the integrated GTE operation.