Victorian Current Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

OFFSHORE PETROLEUM AND GREENHOUSE GAS STORAGE ACT 2010 - SECT 558

Fees for approval of dealings relating to petroleum titles

    (1)     A fee is payable to the Minister in respect of an entry in the Register of an approval of a dealing under section 529.

    (2)     The amount of the fee that is payable must be worked out using the table—

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 petroleum 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 521; and

(f)     the Minister 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.

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 Minister.

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 petroleum 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 Minister; and

(e)     the dealing has an effect of the kind referred to in item 1, 2, 4 or 5 of the table in section 521; and

1.5% of the value of the interest.

Amount of fee

Item

In this case...

the amount of the fee is...


(f)     the Minister 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


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 4.6 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.

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

the amount prescribed by the regulations.

Amount of fee

Item

In this case...

the amount of the fee is...


(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 Minister that—

(i)     the parties are related bodies corporate within the meaning of the Corporations Act; 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


    (3)     To avoid doubt, different amounts may be prescribed for different items of the table.

    (4)     For the purposes of subsection (2), deduct from the value of the consideration for a dealing the value, as determined by the Minister, of any exploration works that were, as at the date of the instrument evidencing the dealing—

        (a)     to be carried out under the dealing; and

        (b)     required or permitted to be carried out by or under the relevant title.

    (5)     For the purposes of subsection (2), deduct from the value of the interest in a petroleum production licence the value, as determined by the Minister, of any exploration works that were, as at the date of the instrument evidencing the dealing—

        (a)     to be carried out under the dealing; and

        (b)     permitted to be carried out by or under the licence.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback