Queensland Consolidated Regulations

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PETROLEUM AND GAS (ROYALTY) REGULATION 2021

- Made under the Petroleum and Gas (Production and Safety) Act 2004
- As at 13 May 2022
- Reg 124 of 2021

TABLE OF PROVISIONS

   PART 1 - PRELIMINARY

   1.      Short title
   2.      Commencement
   3.      Dictionary

   PART 2 - PETROLEUM ROYALTY

           Division 1 - Preliminary

              Subdivision 1 - Purpose

   4.      Purpose of part

              Subdivision 2 - Interpretation

   5.      Definitions for part
   6.      What is domestic gas
   7.      What is supply gas
   8.      What is project gas
   9.      What is liquid petroleum

           Division 2 - LNG projects

   10.     Revenue commissioner may make determination that petroleum venture is LNG project
   11.     Revenue commissioner must reassess amount of royalty payable if particular determinations made
   12.     Notification of status when petroleum producer, or reseller for producer, sells to member of LNG project
   13.     Notification of revenue commissioner when persons involved in petroleum venture change

           Division 3 - Royalty rates

              Subdivision 1 - Preliminary

   14.     Definitions for division

              Subdivision 2 - Domestic gas

   15.     Definitions for subdivision
   16.     Petroleum royalty for domestic gas
   17.     What is the average sales price for domestic gas
   18.     When average sales price is the benchmark price

              Subdivision 3 - Supply gas

   19.     Definitions for subdivision
   20.     Petroleum royalty for supply gas
   21.     What is the average sales price for supply gas
   22.     What is the benchmark price for supply gas
   23.     When average sales price is the benchmark price

              Subdivision 4 - Project gas

   24.     Definitions for subdivision
   25.     Petroleum royalty for project gas
   26.     What is the average sales price for project gas
   27.     What is the benchmark price for project gas
   28.     When average sales price is the benchmark price

              Subdivision 5 - Liquid petroleum

   29.     Definitions for subdivision
   30.     Petroleum royalty for liquid petroleum
   31.     What is the average sales price for liquid petroleum
   32.     When average sales price is the benchmark price

           Division 4 - Royalty returns

   33.     Purpose of division
   34.     Lodgement with revenue commissioner
   35.     Form of royalty returns
   36.     Period to which royalty return must relate
   37.     When royalty return must be lodged
   38.     Revenue commissioner may require royalty return to be lodged on particular day
   39.     Fee for failing to lodge royalty return on time

           Division 5 - Payment of petroleum royalty

   40.     When petroleum royalty payable—yearly return period
   41.     When petroleum royalty payable—return period that is calendar quarter
   42.     Quarterly payment notice
   43.     Working out monthly payments for return period that is calendar quarter generally
   44.     Working out monthly payments for return period that is calendar quarter in particular circumstances
   45.     Election to change monthly payments for return period that is calendar quarter
   46.     Revenue commissioner may give notice requiring petroleum royalty payable to be worked out under s 43

           Division 6 - Joint venture tenures

   47.     Definitions for division
   48.     Non-tenure holder may apply to be treated as petroleum producer for joint venture tenure
   49.     Ending of election period on application or by revenue commissioner

           Division 7 - Royalty estimate

   50.     Purpose of division
   51.     What notice must contain
   52.     Form of and information to be included in royalty estimate
   53.     Revenue commissioner may request information to support royalty estimate

           Division 8 - Miscellaneous

   54.     Application of part to swap arrangements
   55.     Imposition of civil penalty—Act, s 594
   56.     Unpaid tax interest on petroleum royaltyTaxation Administration Act 2001, s 54

   PART 3 - TRANSITIONAL PROVISIONS

   57.     Definitions for part
   58.     Existing notice of revenue commissioner
   59.     Existing determination of revenue commissioner that petroleum venture is LNG project
   60.     Liability to notify status as member of LNG project under section 141 of expired regulation
   61.     Existing notification of status when petroleum producer, or reseller for producer, sells to member of LNG project
   62.     Liability to notify revenue commissioner under section 142 of expired regulation
   63.     Royalty return period starting before commencement
   64.     Existing election by petroleum producer of domestic gas for benchmark price to apply
   65.     Existing decision by revenue commissioner for benchmark price to apply—domestic gas
   66.     Undecided application by petroleum producer of domestic gas to end election for benchmark price to apply
   67.     Decision to end election for benchmark price to apply—domestic gas
   68.     Existing election by petroleum producer of supply gas for benchmark price to apply
   69.     Existing decision by revenue commissioner for benchmark price to apply—supply gas
   70.     Undecided application by petroleum producer of supply gas to end election for benchmark price to apply
   71.     Decision to end election for benchmark price to apply—supply gas
   72.     Existing election by petroleum producer of project gas for benchmark price to apply
   73.     Existing decision by revenue commissioner for benchmark price to apply—project gas
   74.     Undecided application by petroleum producer of project gas to end election for benchmark price to apply
   75.     Decision to end election for benchmark price to apply—project gas
   76.     Existing election by petroleum producer of liquid petroleum for benchmark price to apply
   77.     Existing decision by revenue commissioner for benchmark price to apply—liquid petroleum
   78.     Undecided application by petroleum producer of liquid petroleum to end election for benchmark price to apply
   79.     Decision to end election for benchmark price to apply—liquid petroleum
   80.     Period to which royalty return must relate—calendar quarter or financial year starting on 1 July 2021
   81.     Undecided request about period to which royalty return must relate
   82.     Existing decision of revenue commissioner about period to which royalty return must relate
   83.     Decision of revenue commissioner about period to which royalty return must relate
   84.     Existing requirement of revenue commissioner to lodge royalty return on particular day
   85.     Existing quarterly payment notice of revenue commissioner
   86.     Existing notice of revenue commissioner stating estimated amount of payments
   87.     Existing election by petroleum producer to change monthly payments for return period that is calendar quarter
   88.     Existing notice of revenue commissioner approving another day for making election under section 148Z of expired regulation
   89.     Existing notice of revenue commissioner requiring petroleum royalty payable to be worked out under section 148X of expired regulation
   90.     Undecided application by non-tenure holder to be treated as petroleum producer for joint venture tenure
   91.     Existing decision of revenue commissioner to grant application by non-tenure holder to be treated as petroleum producer for joint venture tenure
   92.     Decision of revenue commissioner to grant application by non-tenure holder to be treated as petroleum producer for joint venture tenure
   93.     Undecided application to end election period for joint venture tenure
   94.     Existing decision of revenue commissioner to end election period for joint venture tenure
   95.     Decision of revenue commissioner to end election period for joint venture tenure
   96.     Existing notice of revenue commissioner requesting information to support royalty estimate
   97.     Existing determination of revenue commissioner about swap arrangements
   98.     Lodgement day before commencement
   99.     Saving of operation of ch 7, pt 14 of expired regulation
   100.    References to expired regulation
           SCHEDULE 1


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