Document ID: chunk:federal_register_of_legislation:F2024L00964:front:0:p1
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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