Northern Territory Numbered Acts Northern Territory Numbered Acts(1) The "market value", of petroleum produced from a project area, is the price (in Australian dollars or Australian Dollar Equivalent) that would be negotiated and agreed for the petroleum on the basis that it was sold at the first saleable point in an open commercial market between a knowledgeable, willing but not anxious buyer and a knowledgeable, willing but not anxious seller, acting severally and independently, having regard to the following:
(a) the price of other petroleum sold to a third party on arm's length terms, that is substantially similar in time of delivery, kind, quality and composition;
(b) a price agreed in an advance pricing arrangement with the Commonwealth Commissioner of Taxation;
(c) a price audited and approved by the Commonwealth Commissioner of Taxation;
(d) any applicable benchmark prices published by a recognised commodities exchange or index that the Commissioner of Territory Revenue may accept;
(e) any other matter the Commissioner of Territory Revenue considers relevant.
(2) In this section:
"advance pricing arrangement" means an arrangement between the Commonwealth Commissioner of Taxation and a licensee, permittee or operator (to which there may also be other parties) under which the parties agree on a transfer pricing methodology to be used by the licensee, permittee or operator in accounting for the licensee's, permittee's or operator's dealings with petroleum for the purposes of the Income Tax Assessment Act 1997 (Cth).
"Commonwealth Commissioner of Taxation", means the Commissioner of Taxation appointed under section 4 of the Taxation Administration Act 1953 (Cth).