Document ID: chunk:federal_register_of_legislation:F2024L00964:reg:5:p1
Version: federal_register_of_legislation:F2024L00964
Segment Type: reg
Provision Reference: reg 5 (pt 1/3)
Character Range: 5121–7923

5  Definitions
Note: Other definitions are set out in section 2 of the Act, including the following:
(a) excluded commodity;
(b) financial year;
(c) instalment period;
(d) long‑term bond rate;
(e) marketable petroleum commodity;
(f) petroleum;
(g) petroleum project;
(h) sales gas;
(i) year of tax.
  In this instrument:
Act means the Petroleum Resource Rent Tax Assessment Act 1987.
actual mass of project natural gas, for a relevant operation and a year of tax in which the operation produces project liquid or project electricity, means the mass of project natural gas that was used to produce project liquid or project electricity.
actual volume of project natural gas, for a relevant operation and a year of tax in which the operation produces project liquid or project electricity, means the volume of project natural gas that was used to produce project liquid or project electricity.
advance pricing arrangement has the meaning given by subsection 26(1).
annual allocation, for a capital cost, has the meaning given by section 47.
arm's length conditions: see section 21.
assessable gas, for the purposes of working out assessable petroleum receipts relating to sales gas, means project sales gas.
assessment year means the year of tax for which an RPM price is to be worked out by applying the residual pricing method.
augmented, for a capital cost, has the meaning given by section 17.
capital allocation period:
 (a) for a unit of property in relation to which an election under section 48 is made—has the meaning given by section 48; or
 (b) for any other unit of property—has the meaning given by subsection 47(5).
Note: See also subsection 47(6), which affects the capital allocation period for capital costs incurred before the production date of a relevant operation.
capital allowance, for a financial year, has the meaning given by section 19.
capital cost has the meaning given by subsection 40(1).
commercial tolling fee: see section 20.
commercial tolling phase: see section 10.
comparable uncontrolled price or CUP, in relation to a relevant transaction for a volume or mass of project sales gas, has the meaning given by subsection 27(1).
cost‑plus price has the meaning given by section 30.
direct cost has the meaning given by section 37.
downstream, for a cost, has the meaning given by subsection 42(6).
downstream stage has the meaning given by:
 (a) for a relevant GTL operation for the purposes of working out assessable petroleum receipts relating to sales gas—subsection 8(2); and
 (b) for a relevant GTE operation for the purposes of working out assessable petroleum receipts relating to sales gas—subsection 8(3).
estimated average annual mass of project natural gas, for a relevant operation, has the meaning given by subsection 14(7).
estimated average annual volume