Commonwealth Numbered Regulations

PETROLEUM RESOURCE RENT TAX ASSESSMENT REGULATIONS 2005 (SLI NO 329 OF 2005) - REG 15

         (1)   For paragraph 24 (1) (e) of the Act, this regulation sets out the method for working out the amount of assessable petroleum receipts derived by the person (the taxpayer ) in relation to the sales gas that becomes or became an excluded commodity.

         (2)   If:

                (a)    the sales gas is project sales gas of an integrated GTL operation; and

               (b)    the taxpayer is a participant in the operation;

the amount of assessable petroleum receipts of the taxpayer is the amount worked out under regulation 17.

         (3)   In any other case, the amount of assessable petroleum receipts of the taxpayer is worked out as if the sales gas were a marketable petroleum commodity other than sales gas.

Note    Paragraph 24 (1) (c) of the Act applies to a marketable petroleum commodity other than sales gas that becomes an excluded commodity.