Document ID: chunk:federal_register_of_legislation:C2008C00563:schedule:2:p1
Version: federal_register_of_legislation:C2008C00563
Segment Type: schedule
Provision Reference: sch 2 (pt 1/3)
Character Range: 20618–23359

Schedule 2—Relevant revenue‑sharing agreement

Subsection 3(1) (definition
of relevant revenue-sharing
agreement)

1. A revenue‑sharing agreement between the Commonwealth and a State (in this Schedule referred to as the "sharing agreement") shall provide—

 (a) that a proportion of the revenue (in this Schedule referred to as the "relevant revenue") received by the State under a relevant resource rent royalty agreement (in this Schedule referred to as the "rent agreement") specified in the sharing agreement shall be paid to the Commonwealth;

 (b) that the proportion of the relevant revenue received by the State in a financial year that is to be paid to the Commonwealth shall be—
 (i) in the case of a rent agreement that relates to a production unit that includes at least one source of petroleum from which petroleum for commercial use was produced before 25 June 1985—
 (A) where at least 50% of the stabilised crude petroleum oil produced from the production source in that production unit which was sold in the financial year which commenced on 1 July 1984 was produced from an old accumulation within the meaning of the Excise Tariff Act 1921—75%; or
 (B) in any other case—25%; or
 (ii) in the case of a rent agreement to which sub‑paragraph (i) does not apply—
 (A) where the quantity of stabilised crude petroleum oil produced from the production source in the production unit which was sold in the first‑mentioned financial year does not exceed 500ML—nil;
 (B) where that quantity exceeds 500ML but does not exceed 700ML—25%;
 (C) where that quantity exceeds 700ML but does not exceed 900ML—50%; or
 (D) where that quantity exceeds 900ML—75%;

 (c) that, where the State receives in respect of a financial year an amount under a provision of the rent agreement required by paragraph 1 (e) of Schedule 1, the State shall, within 21 days after the receipt of that amount, pay the Commonwealth a proportion of that amount, being—
 (i) in the case of the first financial year to which the sharing agreement applies—the proportion that the Commonwealth and the State estimate will be the proportion of relevant revenue payable by the State to the Commonwealth in that first financial year; or
 (ii) in the case of any other financial year—the proportion of relevant revenue payable by the State to the Commonwealth under the sharing agreement in the immediately preceding financial year;

 (d) that, where the State receives in respect of a financial year an amount under the provision of the rent agreement required by paragraph 1 (f) of Schedule 1—the State shall, within 21 days after the receipt of the amount, pay to the Commonwealth such proportion of that amount as will result in the proportion of relevant revenue paid