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

Schedule 1  

Petroleum Resource Rent Tax Assessment Regulations 2005

43   Subregulation 10(1)

Repeal the subregulation (not including the note), substitute:

(1) In this regulation, for an integrated operation in which natural gas is measured by volume:

base year means:

(a) if an election has been made in relation to the operation under regulation 43 - the 2012-13 year of tax; and

(b) otherwise - the year of tax in which the actual volume of project natural gas first exceeds the estimated average annual volume of project natural gas for the operation.