Petroleum Resource Rent Tax Assessment Regulations 2024 (Cth)

Petroleum Resource Rent Tax Assessment Regulations 2024

I, the Honourable Sam Mostyn AC, Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations.

Dated 1 August 2024

Sam Mostyn AC Governor‑General

By Her Excellency's Command

Dr Jim Chalmers Treasurer

Contents Part 1—Preliminary Division 1—Preliminary 1 Name 2 Commencement 3 Authority 4 Schedules Division 2—Definitions 5 Definitions 6 When a relevant GTL operation exists 7 When a relevant GTE operation exists 8 Upstream and downstream stages of relevant operation 9 Phase points of relevant operation 10 Commercial tolling phases 11 When there is multiple use of a phase 12 Participants in a relevant operation 13 Non‑arm's length transaction 14 Estimated average annual volume or mass of project natural gas 15 Meaning of volume coefficient 16 Meaning of mass coefficient 17 Augmentation of a capital cost 18 Reduction of a capital cost 19 Capital allowance 20 Tolling arrangements and commercial tolling fees 21 Arm's length conditions Part 2—Assessable petroleum receipts 22 Assessable petroleum receipts—sales gas of relevant operation with non‑arm's length sale 23 Sale entitlement share 24 Assessable petroleum receipts—sales gas of relevant operation becoming excluded commodity other than by being sold 25 Non‑sale entitlement share 26 Advance pricing arrangements Part 3—The substitute prices 27 The comparable uncontrolled price 28 RPM price (transfer price using the residual pricing method) 29 RPM price where information is not available or where non‑commercial tolling fee is paid 30 Cost‑plus price 31 Netback price Part 4—The residual pricing method Division 1—The residual pricing method 32 Costs are net of GST tax credits and adjustments 33 When the residual pricing method can be applied 34 The residual pricing method for working out cost‑plus price and netback price Division 2—Identifying and classifying included costs 35 Types of cost associated with relevant operation 36 Exclusion of certain costs of relevant operation 37 Direct, indirect and personal costs 38 Exclusion of personal costs of other participants 39 Included costs 40 Capital costs and operating costs 41 Amount and timing of included capital cost 42 Phase costs and upstream and downstream costs Division 3—Allocating capital costs to years of tax 43 Capital costs incurred for a unit of property completed over several years 44 Capital costs incurred before the production year—project sales gas produced first 45 Capital costs incurred before the production year—other marketable petroleum commodities produced first 46 Capital costs for units of property not originally used, or intended to be used, in a relevant operation 47 Allocating capital costs to a year of tax 48 Election of capital allocation period for unit of property Division 4—Accounting for multiple use of a phase 49 Applying the energy coefficients to costs of each phase Part 5—Notional tax amount—sales gas 50 Notional tax amount when RPM price not used 51 Notional tax amount when RPM price used 52 Notional tax amount when no previous RPM price Part 6—Miscellaneous 53 Review of decisions—prescribed decisions 54 Election to apply a modified residual pricing method—relevant GTL operations existing before 2 May 2010 55 Election to use individual participant‑based end product values Part 7—Transitional matters 56 Things done under previous regulations 57 Transitional provision—advance pricing arrangements 58 Application of this instrument and repeal of previous instrument Schedule 1—Repeals Petroleum Resource Rent Tax Assessment Regulation 2015