PETROLEUM RESOURCE RENT TAX ASSESSMENT REGULATIONS 2005 (REPEALED)

PART 3 - ASSESSABLE PETROLEUM RECEIPTS

REGULATION 16 ASSESSABLE PETROLEUM RECEIPTS - NATURAL GAS OF ONSHORE INTEGRATED OPERATION WITH NON - ARM ' S LENGTH SALE

16(1)
For subparagraph 24(1)(f)(ii) of the Act, this regulation applies to natural gas that has been sold if:

(a) it is project natural gas of an integrated operation that recovers petroleum from an onshore petroleum project; and

(b) the sale is a non-arm ' s length transaction.

Note:

Paragraph 24(1)(a) of the Act applies to other sales of natural gas.

Advance pricing arrangement

16(2)
If an advance pricing arrangement applies to the sale, the amount of assessable petroleum receipts of a taxpayer is the amount calculated in accordance with the arrangement.

Comparable uncontrolled price

16(3)
The assessable petroleum receipts of a taxpayer in relation to the sale is the amount calculated under subregulation (4) if:

(a) no advance pricing arrangement applies to the sale; and

(b) a comparable uncontrolled price exists for the sale; and

(c) no election has been made in relation to the integrated operation under regulation 42 or 43 .

16(4)
The amount is the higher of:

(a) the consideration received or receivable, less any expenses payable, by the taxpayer in relation to the sale; and

(b) the comparable uncontrolled price multiplied by the volume or mass of project natural gas sold.

Residual pricing method

16(5)
The assessable petroleum receipts of a taxpayer in relation to the sale is the amount calculated under subregulation (6) if:

(a) no advance pricing arrangement applies to the sale; and

(b) either:

(i) no comparable uncontrolled price exists for the sale; or

(ii) an election has been made in relation to the integrated operation under regulation 42 or 43 .

16(6)
The amount is the higher of:

(a) the consideration received or receivable, less any expenses payable, by the taxpayer in relation to the sale; and

(b) the RPM price of project natural gas for the taxpayer in the year of tax in which the sale took place multiplied by the volume or mass of project natural gas sold.

View history note

History

Reg 16 substituted by SLI No 154 of 2013, reg 4 and Sch 1 item 49, effective 29 June 2013. Reg 16 formerly read:

REGULATION 16 INTEGRATED GTL OPERATIONS WITH NON-ARM ' S LENGTH SALE
16(1)
For subregulation 14(2) , the amount of assessable petroleum receipts of the taxpayer, in relation to the project sales gas subject to the sale, is:

(a) if an advance pricing arrangement applies to the sale - the amount calculated in accordance with the arrangement; and

(b) if no advance pricing arrangement applies to the sale, but a comparable uncontrolled price exists for the sale - the CUP amount for the sale; and

(c) if no advance pricing arrangement applies to the sale, and no comparable uncontrolled price exists for the sale - the RPM amount for the sale.

16(2)
For this regulation, the CUP amount for the sale is the higher of:

(a) the amount calculated using the formula:

CUP × VG

where:

CUP
is the comparable uncontrolled price.

VG
is the volume of project sales gas sold.

and:

(b) the consideration received or receivable, less any expenses payable, by the participant in relation to the sale.

16(3)
For this regulation, the RPM amount for the sale is the higher of:

(a) the amount calculated using the formula:

RPM price × VG

where:

RPM price
is the RPM price for the taxpayer in relation to the integrated GTL operation in the year of tax in which the sale took place.

VG
is the volume of project sales gas sold.
and:

(b) the consideration received or receivable, less any expenses payable, by the participant in relation to the sale.

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