Document ID: chunk:federal_register_of_legislation:C2022A00018:section:11
Version: federal_register_of_legislation:C2022A00018
Segment Type: section
Provision Reference: s 11
Character Range: 7647–9355

11  Amount of levy
 (1) The amount of levy payable by a leviable entity for a levy year is worked out using the following formula:
where:
levy rate is the lesser of the following:
 (a) $0.48;
 (b) if a determination of the Commonwealth's unrecovered costs for the levy year is in effect under section 8—the distributed levy rate for the levy year (see subsection (2) of this section).
petroleum amount, for the entity for the levy year, is the total quantity of all petroleum, in barrels of oil equivalent and as measured at the wellhead, recovered by the entity during the levy year under any petroleum production licences held by the entity.
 (2) The distributed levy rate for a levy year is the amount worked out using the following formula:
where:
total petroleum amount for the levy year is the total of petroleum amounts for all leviable entities for the levy year, assuming that the only information relevant to working out that total amount is:
 (a) information reported in returns given to the Commissioner of Taxation under section 125‑5 in Schedule 1 to the Taxation Administration Act 1953 on or before the 31 December following the levy year; and
 (b) any other relevant information reasonably available to the Commissioner before the Commissioner first makes an assessment of an amount of levy for the levy year.

Rounding of amounts
 (3) An amount of levy worked out under subsection (1) must be rounded to the nearest whole dollar (rounding up in the case of 50 cents).
 (4) The following must be rounded to 2 decimal places (rounding up if the third decimal place is 5 or more):
 (a) a petroleum amount for a leviable entity for a levy year;
 (b) the distributed levy rate for a levy year.