Document ID: chunk:federal_register_of_legislation:C2008C00563:schedule:1:p3
Version: federal_register_of_legislation:C2008C00563
Segment Type: schedule
Provision Reference: sch 1 (pt 3/5)
Character Range: 13857–16797

a body corporate);
 (v) they are members of the same partnership; or
 (vi) they are trustees or beneficiaries, or one of them is a trustee and the other is a beneficiary, of the same trust;

 (m) that, if—
 (i) the production of market petroleum from the production unit is ended; and
 (ii) there are costs directly incurred in ending that production that are not included in eligible expenditure in respect of relevant petroleum disposed of in a financial year, not being costs incurred later than 36 months after the ending of that production,
the State will pay to the producer an amount equal to 40% of those costs; and

 (n) subject to clause 2, expressions in the agreement that are used in this Act (including this Schedule) have the same meaning as in this Act.

2. A resource rent royalty agreement may substitute for an expression in this Act (including the Schedule) another expression that has the same meaning as the first‑mentioned expression.

3. A resource rent royalty agreement may provide for a penalty by way of additional royalty under the agreement.

4. (1) In this Schedule:

         "accumulated net receipts", in relation to the market petroleum produced from a production unit which is disposed of in a financial year, means the amount ascertained in accordance with the formula—

         A + B (1 + C),
                100

                where—

                A  is the net receipts derived from the market petroleum;

                B  is—
                (a) where the accumulated net receipts in relation to the market petroleum produced from that production unit which was disposed of in the immediately preceding financial year was not ascertained for the purposes of this Act—zero;
                (b) where the accumulated net receipts in relation to market petroleum produced from that production unit which was disposed of in the immediately preceding financial year was nil or greater—zero; or
                (c) where the accumulated net receipts in relation to the market petroleum produced from that production unit which was disposed of in the immediately preceding financial year was less than nil—those accumulated net receipts; and

C  is the threshold rate for the financial year;

        "eligible exceptional expenditure", in relation to market petroleum produced from a production unit which is disposed of in a financial year, means—

           (a) expenditure incurred in that financial year in respect of the exploration for, or the determination of the existence, location, extent, quality or occurrence of, petroleum the source of which forms, or would form, part of that production unit (including expenditure in respect of geological and geophysical surveys and exploration, development and appraisal drilling); or

           (b) where that financial year is the first financial year to which the relevant resource rent royalty agreement that relates to that production unit