The Petroleum Resource Rent Tax Assessment Amendment Regulation 2013 (No 1) was registered on the Federal Register of Legislative Instruments on 28 June 2013. It amends the Petroleum Resource Rent Tax Assessment Regulations 2005, which provide a framework for determining the value of project gas for Petroleum Resource Rent Tax (PRRT) purposes in cases where it is used as feedstock in an integrated gas-to-liquids (GTL) operation, and where no arm’s length price exists. The Regulation extends the existing framework to appropriately apply to onshore integrated GTL and gas-to-electricity (GTE) operations, as well as to the North West Shelf project, following the application of the PRRT being extended to onshore petroleum projects and the North West Shelf project from 1 July 2012.
[LTN 124, 1/7/13]