Document ID: chunk:federal_register_of_legislation:C2008C00563:schedule:1:p5
Version: federal_register_of_legislation:C2008C00563
Segment Type: schedule
Provision Reference: sch 1 (pt 5/5)
Character Range: 19256–20615

petroleum which is otherwise lost, not being market petroleum to which the provision required by paragraph 1 (g) applies;

        "long‑term bond rate", in relation to a financial year, means the average of the weighted average yield of the longest term bond series in each Commonwealth Treasury bond tender declared in that year;

        "net receipts", in relation to market petroleum produced from a production unit which is disposed of in a financial year, means the difference between the gross receipts for that petroleum and the eligible expenditure relating to that petroleum;

        "State Minister", in relation to a resource rent royalty agreement, means the Minister of the Crown of the State who is responsible, or principally responsible, for the administration of matters relating to petroleum in the State;

        "threshold rate", in relation to a financial year, means the sum of—
 (a) the long‑term bond rate for that year; and
 (b) a rate not greater than 15%.

(2) For the purposes of this Schedule and a resource rent royalty agreement, market petroleum shall be taken to be disposed of—
 (a) when it is sold; or
 (b) in a case where it is not sold—when it leaves the production source, a facility, or another place, in the production unit where it was produced otherwise than in the course of moving to another place in that unit.