Commonwealth of Australia Bills

[Index] [Search] [Download] [Related Items] [Help]

This is a Bill, not an Act. For current law, see the Acts databases.

OFFSHORE PETROLEUM (REGISTRATION FEES) BILL 2005

2004-2005
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Offshore Petroleum (Registration Fees)
Bill 2005
No. , 2005
(Industry, Tourism and Resources)
A Bill for an Act to impose, as taxes, fees for the
registration under the Offshore Petroleum Act 2005
of transfers of titles and approvals of dealings
i Offshore Petroleum (Registration Fees) Bill 2005 No. , 2005
Contents
1
Short title.......................................................................................1
2
Commencement .............................................................................1
3
Application of Chapter 1 of the Offshore Petroleum Act 2005..........2
4
Application of Part 3.1 of the Offshore Petroleum Act 2005.............2
5
Imposition of fee--transfer of title..................................................3
6
Imposition of fee--approval of dealing...........................................6
7
Regulations..................................................................................10
8
Transitional provisions.................................................................10
Schedule 1--Transitional provisions
11
1
Pre-commencement entries etc. ....................................................11
2
Transitional--regulations .............................................................11
3
Re-enactment of the Petroleum (Submerged Lands)
(Registration Fees) Act 1967 ........................................................12
Offshore Petroleum (Registration Fees) Bill 2005 No. , 2005 1
A Bill for an Act to impose, as taxes, fees for the
1
registration under the Offshore Petroleum Act 2005
2
of transfers of titles and approvals of dealings
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Offshore Petroleum (Registration
6
Fees) Act 2005.
7
2 Commencement
8
(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
Section 3
2 Offshore Petroleum (Registration Fees) Bill 2005 No. , 2005
column 2 of the table. Any other statement in column 2 has effect
1
according to its terms.
2
3
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 and
2 and anything in
this Act not
elsewhere covered
by this table
The day on which this Act receives the
Royal Assent.
2. Sections 3 to 8
At the same time as Chapter 2 of the
Offshore Petroleum Act 2005 commences.
3. Schedule 1
At the same time as the provision(s) covered
by table item 2.
Note:
This table relates only to the provisions of this Act as originally
4
passed by the Parliament and assented to. It will not be expanded to
5
deal with provisions inserted in this Act after assent.
6
(2) Column 3 of the table contains additional information that is not
7
part of this Act. Information in this column may be added to or
8
edited in any published version of this Act.
9
3 Application of Chapter 1 of the Offshore Petroleum Act 2005
10
Chapter 1 of the Offshore Petroleum Act 2005 applies to this Act in
11
a corresponding way to the way in which it applies to the Offshore
12
Petroleum Act 2005.
13
Note:
This means, for example, that the definitions in section 6 of the
14
Offshore Petroleum Act 2005 apply to this Act.
15
4 Application of Part 3.1 of the Offshore Petroleum Act 2005
16
Part 3.1 of the Offshore Petroleum Act 2005 applies to this Act in a
17
corresponding way to the way in which it applies to Chapter 3 of
18
the Offshore Petroleum Act 2005.
19
Note:
This means, for example, that the definition of title in section 251 of
20
the Offshore Petroleum Act 2005 applies to this Act.
21
Section 5
Offshore Petroleum (Registration Fees) Bill 2005 No. , 2005 3
5 Imposition of fee--transfer of title
1
Imposition of fee
2
(1) A fee is imposed on the entry in the Register of a memorandum of
3
the transfer of a title, where the entry is made under section 262 of
4
the Offshore Petroleum Act 2005 after the commencement of this
5
section.
6
Amount of fee
7
(2) The amount of the fee is worked out using the table:
8
9
Amount of fee
Item
In this case...
the amount of the fee is...
1
(a) an entry is made in the Register of a
memorandum of the transfer of a title;
and
(b) none of items 2, 3 and 4 apply
the amount calculated at the
rate of 1.5% of whichever is
the greater of the following:
(a) the value of the
consideration for the
transfer;
(b) the value of the title
transferred
2
(a) an entry is made in the Register of a
memorandum of the transfer of a title;
and
(b) assuming that item 1 had applied, the
amount worked out under that item
would have been less than the amount
prescribed by the regulations
the amount prescribed by the
regulations
Section 5
4 Offshore Petroleum (Registration Fees) Bill 2005 No. , 2005
Amount of fee
Item
In this case...
the amount of the fee is...
3
(a) an entry is made in the Register of a
memorandum of the transfer of a title;
and
(b) assuming that item 1 had applied, the
amount of the fee would have been
more than the amount prescribed by the
regulations; and
(c) the transfer was executed for the
purpose of giving effect to a dealing;
and
(d) a fee was imposed by section 6 on the
entry in the Register of an approval of
the dealing; and
(e) the fee mentioned in paragraph (d) has
been paid; and
(f) the transfer was agreed to under the
dealing
the amount prescribed by the
regulations
Section 5
Offshore Petroleum (Registration Fees) Bill 2005 No. , 2005 5
Amount of fee
Item
In this case...
the amount of the fee is...
4
(a) an entry is made in the Register of a
memorandum of the transfer of a title;
and
(b) assuming that item 1 had applied, the
amount of the fee would have been
more than the amount prescribed by the
regulations; and
(c) the parties to the transfer satisfy the
Designated Authority that:
(i) the parties are related bodies
corporate within the meaning of
the Corporations Act 2001; and
(ii) the transfer was executed solely
for the purpose of a
reorganisation of the
corporations concerned or any
of them or solely for the purpose
of securing the better
administration of the
corporations concerned or any
of them; and
(iii) the transfer was not executed
substantially for the purpose of
avoiding or reducing the fees
that would, apart from this item,
be payable under this section on
the entry in the Register of a
memorandum of the transfer
the amount prescribed by the
regulations
(3) Different amounts may be prescribed for different items of the
1
table.
2
Tax
3
(4) The fee imposed by this section is imposed as a tax.
4
Note:
For collection of fees, see Part 4.6 of the Offshore Petroleum Act
5
2005.
6
Section 6
6 Offshore Petroleum (Registration Fees) Bill 2005 No. , 2005
6 Imposition of fee--approval of dealing
1
Imposition of fee
2
(1) A fee is imposed on the entry in the Register of the approval of a
3
dealing, where the entry is made under section 276 of the Offshore
4
Petroleum Act 2005 after the commencement of this section.
5
Amount of fee
6
(2) The amount of the fee is worked out using the table:
7
8
Amount of fee
Item
In this case...
the amount of the fee is...
1
(a) a dealing relates to only one title; and
(b) an entry is made in the Register of the
approval of the dealing in so far as it relates
to that title; and
(c) none of items 2, 5 and 6 apply
1.5% of the value of the
consideration for the
dealing
2
(a) a dealing relates to only one title; and
(b) an entry is made in the Register of the
approval of the dealing in so far as it relates
to that title; and
(c) the entry of the approval relates to an
interest in a production licence,
infrastructure licence or pipeline licence;
and
(d) the value of the interest is greater than the
value of the consideration for the dealing;
and
(e) the dealing has an effect of the kind
referred to in item 1, 2, 4 or 5 of the table
in section 269 of the Offshore Petroleum
Act 2005; and
(f) the Designated Authority is satisfied that
the dealing was not made under another
dealing that relates to that title, where a fee
has been paid under this section in relation
to an entry of the approval of the other
dealing
1.5% of the value of the
interest
Section 6
Offshore Petroleum (Registration Fees) Bill 2005 No. , 2005 7
Amount of fee
Item
In this case...
the amount of the fee is...
3
(a) a dealing relates to 2 or more titles; and
(b) an entry is made in the Register of the
approval of the dealing in so far as it relates
to any one of those titles; and
(c) none of items 4, 5 and 6 apply
1.5% of the amount
worked out by dividing
the value of the
consideration for the
dealing by the number of
titles in relation to which
the dealing is approved by
the Designated Authority
4
(a) a dealing relates to 2 or more titles; and
(b) an entry is made in the Register of the
approval of the dealing in so far as it relates
to any one of those titles; and
(c) the entry of the approval relates to an
interest in a production licence,
infrastructure licence or pipeline licence;
and
(d) the value of the interest is greater than the
amount worked out by dividing the value
of the consideration for the dealing by the
number of titles in relation to which the
dealing is approved by the Designated
Authority; and
(e) the dealing has an effect of the kind
referred to in item 1, 2, 4 or 5 of the table
in section 269 of the Offshore Petroleum
Act 2005; and
(f) the Designated Authority is satisfied that
the dealing was not made under another
dealing that relates to any of those titles,
where a fee has been paid under this
section in relation to an entry of the
approval of the other dealing
1.5% of the value of the
interest
Section 6
8 Offshore Petroleum (Registration Fees) Bill 2005 No. , 2005
Amount of fee
Item
In this case...
the amount of the fee is...
5
(a) a dealing relates to one or more titles; and
(b) an entry is made in the Register of the
approval of the dealing in so far as it relates
to any one of those titles; and
(c) either:
(i) apart from this item, the amount of
the fee imposed by this section on
the entry would have been less than
the amount prescribed by the
regulations; or
(ii) Part 3.6 of the Offshore Petroleum
Act 2005 applies to the dealing only
because the dealing creates, varies or
terminates a charge over some or all
of the assets of a body corporate
the amount prescribed by
the regulations
Section 6
Offshore Petroleum (Registration Fees) Bill 2005 No. , 2005 9
Amount of fee
Item
In this case...
the amount of the fee is...
6
(a) a dealing relates to one or more titles; and
(b) an entry is made in the Register of the
approval of the dealing in so far as it relates
to any one of those titles; and
(c) apart from this item, the amount of the fee
imposed by this section on the entry would
have been more than the amount prescribed
by the regulations; and
(d) the parties to the dealing satisfy the
Designated Authority that:
(i) the parties are related bodies
corporate within the meaning of the
Corporations Act 2001; and
(ii) the dealing was entered into solely
for the purpose of a reorganisation
of the corporations concerned or any
of them or solely for the purpose of
securing the better administration of
the corporations concerned or any of
them; and
(iii) the dealing was not entered into
substantially for the purpose of
avoiding or reducing the fees that
would, apart from this item, be
payable under this section on the
entry of approval of the dealing
the amount prescribed by
the regulations
(3) Different amounts may be prescribed for different items of the
1
table.
2
Deduction from the value of the consideration for a dealing
3
(4) For the purposes of subsection (2), deduct from the value of the
4
consideration for a dealing the value, as determined by the
5
Designated Authority, of any exploration works that were, as at the
6
date of the instrument evidencing the dealing:
7
(a) to be carried out under the dealing; and
8
Section 7
10 Offshore Petroleum (Registration Fees) Bill 2005 No. , 2005
(b) required or permitted to be carried out by or under the
1
relevant title.
2
Deduction from the value of the interest in a production licence
3
(5) For the purposes of subsection (2), deduct from the value of the
4
interest in a production licence the value, as determined by the
5
Designated Authority, of any exploration works that were, as at the
6
date of the instrument evidencing the dealing:
7
(a) to be carried out under the dealing; and
8
(b) permitted to be carried out by or under the licence.
9
Tax
10
(6) The fee imposed by this section is imposed as a tax.
11
Note:
For collection of fees, see Part 4.6 of the Offshore Petroleum Act
12
2005.
13
7 Regulations
14
The Governor-General may make regulations for the purposes of
15
sections 5 and 6.
16
8 Transitional provisions
17
Schedule 1 has effect.
18
Transitional provisions Schedule 1
Clause 1
Offshore Petroleum (Registration Fees) Bill 2005 No. , 2005 11
Schedule 1--Transitional provisions
1
Note:
See section 8.
2
3
4
1 Pre-commencement entries etc.
5
(1) Despite the repeal of the Petroleum (Submerged Lands)
6
(Registration Fees) Act 1967, that Act continues to apply, in
7
relation to an entry made before the commencement of this clause,
8
as if that repeal had not happened.
9
(2) Item 3 of the table in subsection 5(2) of this Act, and items 2, 4 and
10
6 of the table in subsection 6(2) of this Act, have effect as if each
11
reference in those items to section 6 of this Act included a
12
reference to subsection 4(5) of the repealed Petroleum (Submerged
13
Lands) (Registration Fees) Act 1967.
14
(3) Item 4 of the table in subsection 5(2) of this Act has effect as if the
15
reference in that item to section 5 of this Act included a reference
16
to subsection 4(2) of the repealed Petroleum (Submerged Lands)
17
(Registration Fees) Act 1967.
18
2 Transitional--regulations
19
(1) This clause applies to regulations if:
20
(a) the regulations were in force immediately before the
21
commencement of this clause; and
22
(b) the regulations were made for the purposes of a particular
23
provision of the Petroleum (Submerged Lands) (Registration
24
Fees) Act 1967.
25
(2) The regulations have effect, after the commencement of this
26
clause, as if:
27
(a) they had been made for the purposes of the corresponding
28
provision of this Act; and
29
(b) any requirement imposed by this Act or the Legislative
30
Instruments Act 2003 in relation to the making of the
31
regulations (including a requirement about the form of
32
words) had been satisfied.
33
Schedule 1 Transitional provisions
Clause 3
12 Offshore Petroleum (Registration Fees) Bill 2005 No. , 2005
(3) Subclause (2) does not prevent the regulations continuing to have
1
effect for the purposes of a particular provision of the Petroleum
2
(Submerged Lands) (Registration Fees) Act 1967 as that Act
3
continues to apply after its repeal because of clause 1 of this
4
Schedule.
5
(4) For the purposes of this clause, in determining whether a provision
6
is a corresponding provision:
7
(a) regard must be had to the substance of the provision; and
8
(b) if the provision appears to have expressed the same idea in a
9
different form of words for the purpose of using a clearer
10
style--disregard the difference.
11
3 Re-enactment of the Petroleum (Submerged Lands) (Registration
12
Fees) Act 1967
13
This Act re-enacts the Petroleum (Submerged Lands) (Registration
14
Fees) Act 1967 with certain modifications.
15
Note:
Section 15AC of the Acts Interpretation Act 1901 provides that if an
16
Act has expressed an idea in a particular form of words, and a later
17
Act appears to have expressed the same idea in a different form of
18
words for the purpose of using a clearer style, the ideas shall not be
19
taken to be different merely because different forms of words were
20
used.
21

 

[Index] [Search] [Download] [Related Items] [Help]