Commonwealth Numbered Regulations

PETROLEUM RESOURCE RENT TAX ASSESSMENT REGULATIONS 2005 (SLI NO 329 OF 2005)

TABLE OF PROVISIONS

   PART 1--PRELIMINARY

   1.      Name of Regulations  
   2.      Commencement  

   PART 2--DEFINITION PROVISIONS

   3.      Definitions  
   4.      When an integrated GTL operation exists  
   5.      What an integrated GTL operation consists of  
   6.      Phase points of an integrated GTL operation  
   7.      When there is multiple use of a phase  
   8.      Who the participants are in an integrated GTL operation  
   9.      The estimated average annual volume of project natural gas  
   10.     Meaning of volume coefficient  
   11.     Augmentation of a capital cost  
   12.     Reduction of a capital cost  
   13.     Capital allowance  

   PART 3--ASSESSABLE PETROLEUM RECEIPTS FOR SALES GAS

   14.     Assessable petroleum receipts — sales gas becoming excluded commodity by being sold (Act s 24 (1) (d) (i))  
   15.     Assessable petroleum receipts — sales gas becoming excluded commodity otherwise than by being sold (Act s 24 (1) (e))  
   16.     Integrated GTL operations with non-arm’s length sale  
   17.     Integrated GTL operations with no sale  
   18.     Advance pricing arrangements  

   PART 4--THE SUBSTITUTE PRICES

   19.     The comparable uncontrolled price  
   20.     The RPM price (the project sales gas transfer price using the residual pricing method)  
   21.     RPM price where information is not available  
   22.     Cost-plus price  
   23.     Netback price  

   PART 5--THE RESIDUAL PRICING METHOD

           Division 5.1--The residual pricing method

   24.     Costs are net of GST tax credits and adjustments  
   25.     The residual pricing method for working out cost-plus and netback prices  

           Division 5.2--Identifying and classifying included costs

   26.     Types of cost associated with an integrated GTL operation  
   27.     Exclusion of certain costs of an integrated GTL operation  
   28.     Direct, indirect and personal costs  
   29.     Exclusion of personal costs of other participants  
   30.     Included costs  
   31.     Capital and operating costs  
   32.     Phase costs and upstream and downstream costs  

           Division 5.3--Allocating capital costs to years of tax

   33.     Capital costs incurred for a unit of property completed over several years  
   34.     Capital costs incurred before the production year — project sales gas produced first  
   35.     Capital costs incurred before the production year — other marketable petroleum commodities produced first  
   36.     Allocating capital costs to a year of tax  

           Division 5.4--Accounting for multiple use of a phase

   37.     Applying the energy coefficients to costs of each phase  

   PART 6--NOTIONAL TAX AMOUNT — SALES GAS

   38.     Notional tax amount when RPM price not used (Act s 97 (1AA) (b))  
   39.     Notional tax amount when RPM price used (Act s 97 (1AA) (b))  
   40.     Notional tax amount when no previous RPM price  

   PART 7--MISCELLANEOUS

   41.     Review of decisions — prescribed decisions