Petroleum Resource Rent Tax Assessment Amendment Regulation 2013 (No. 1) (154 of 2013)
Schedule 1
Petroleum Resource Rent Tax Assessment Regulations 2005
45 Subregulation 10(2) (paragraph (c) of the definition of VB )
Repeal the paragraph, substitute:
(c) if the current year is after the base year - the amount calculated using the formula:
sum n=1 to n of Vn divided by N
where:
n is a year of tax, with the base year being year 1, the year after the base year being year 2, and so on.
N is the number of years of tax from the base year to the current year (inclusive).
Vn is the actual volume of project natural gas for year n.
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