After regulation 3 of the Principal Regulations , the following regulation is inserted in Part 1:

3A.     Determination of amount received from sale of mineral

(1)  In this regulation –

AAS revenue from the sale of the mineral means the amount that is –

(a) determined, in accordance with the Australian Accounting Standards, to be the revenue from the sale of the mineral; and

(b) required in accordance with those Standards to be recorded in an income statement.

(2)  For the purposes of these regulations, the amount received from a sale of a mineral is –

(a) the AAS revenue from the sale of the mineral; or

(b) if subregulation (4) applies in relation to the sale, the amount determined, in accordance with that subregulation, to be the revenue from the sale.

(3)  Subregulation (4) applies to a sale of a mineral if –

(a) the mineral was sold by a lessee or licensee to a person related to the lessee or licensee; and

(b) the AAS revenue from the sale of the mineral was less than would have been recorded in an income statement if the market price, as at the time of the sale of the mineral, had been paid for the mineral.

(4)  If this subregulation applies to a sale of a mineral, the revenue from the sale is the amount that would have been the AAS revenue from the sale of the mineral if the mineral had been sold at the market price for the mineral, as at the time of the sale of the mineral.

(5)  In this regulation, a person is related to a lessee or licensee if –

(a) the person is a natural person and the lessee or licensee is a relative of the person or is a body corporate controlled by a relative of the person; or

(b) the person is a body corporate, the lessee or licensee is a body corporate and the person is related to the lessee or licensee under section 50 of the Corporations Act.

(6)  For the purposes of subregulations (3) and (4) , the time of sale of a mineral is the time at which possession of the mineral is transferred to the purchaser of the mineral.