Revenue Legislation Amendment Regulation (No. 2) 2014 (Qld)

Queensland Revenue Legislation Amendment Regulation (No. 2) 2014 Subordinate Legislation 2014 No. 227 made under the Mineral Resources Act 1989 Petroleum and Gas (Production and Safety) Act 2004 Contents Part 1 1 Part 2 2 3 4 5 6 7 Part 3 8 9 10 Page Preliminary Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Amendment of Mineral Resources Regulation 2013 Regulation amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Amendment of s 47 (Particular royalties payable on adjustment basis) 2 Amendment of s 50 (Threshold exemption for relevant minerals) 2 Amendment of s 54 (Value of minerals other than coal seam gas) 3 Amendment of s 58 (Gross value of market value minerals) . . . . 3 Amendment of sch 3 (Royalty payable for minerals) . . . . . . . . . . 3 Amendment of Petroleum and Gas (Production and Safety) Regulation 2004 Regulation amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Amendment of s 147 (When and how petroleum royalty payable— royalty return period) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Amendment of s 148 (Working out wellhead value of petroleum) 5

Revenue Legislation Amendment Regulation (No. 2) 2014 Part 1 Preliminary [s 1] Part 1 Preliminary 1 Short title This regulation may be cited as the Revenue Legislation Amendment Regulation (No. 2) 2014 . Part 2 Amendment of Mineral Resources Regulation 2013 2 Regulation amended This part amends the Mineral Resources Regulation 2013 . 3 Amendment of s 47 (Particular royalties payable on adjustment basis) Section 47(6), definition relevant mineral— insert — (f) uranium. 4 Amendment of s 50 (Threshold exemption for relevant minerals) (1) Section 50(5), definition relevant mineral— insert — (ia) uranium; (2) Section 50(5), definition relevant mineral , paragraph (j), ‘section 13’ — omit , insert — section 14 Page 2 2014 SL No. 227

Revenue Legislation Amendment Regulation (No. 2) 2014 Part 2 Amendment of Mineral Resources Regulation 2013 [s 5] (3) Section 50(5), definition relevant mineral , paragraphs (ia) and (j) — renumber as section 50(5), definition relevant mineral , paragraphs (j) and (k). 5 Amendment of s 54 (Value of minerals other than coal seam gas) Section 54(4), definition relevant mineral— insert — (f) uranium. 6 Amendment of s 58 (Gross value of market value minerals) Section 58(4), definition relevant mineral— insert — (f) uranium. 7 Amendment of sch 3 (Royalty payable for minerals) (1) Schedule 3, part 2— insert — 12A Uranium The royalty rate for uranium is— (a) if the average price per kilogram of the uranium sold, disposed of or used in the return period is $220 or less—5% of the value of the uranium; or (b) if the average price per kilogram of the uranium sold, disposed of or used in the return period is more than $220—the royalty rate applied to the value of the uranium sold, disposed of or used in the return period, rounded down to 2 decimal 2014 SL No. 227 Page 3

Revenue Legislation Amendment Regulation (No. 2) 2014 Part 3 Amendment of Petroleum and Gas (Production and Safety) Regulation 2004 [s 8] places, worked out using the following formula— RR = 5 +  ( --- A ---- P --- A -- – --- P -- 2 --- 2 --- 0 ---- ) × 5  where— RR is the royalty rate, expressed as a percentage. AP is the average price per kilogram of the uranium sold, disposed of or used in the return period. (2) Schedule 3, part 2, sections 12A and 13— renumber as schedule 3, part 2, sections 13 and 14. Part 3 Amendment of Petroleum and Gas (Production and Safety) Regulation 2004 8 Regulation amended This part amends the Petroleum and Gas (Production and Safety) Regulation 2004 . 9 Amendment of s 147 (When and how petroleum royalty payable—royalty return period) Section 147(2) — insert— (c) uses the petroleum. Page 4 2014 SL No. 227

Revenue Legislation Amendment Regulation (No. 2) 2014 Part 3 Amendment of Petroleum and Gas (Production and Safety) Regulation 2004 [s 10] 10 Amendment of s 148 (Working out wellhead value of petroleum) Section 148(2)(d), examples — omit . ENDNOTES 1 Made by the Governor in Council on 2 October 2014. 2 Notified on the Queensland legislation website on 3 October 2014. 3 The administering agency is the Queensland Treasury and Trade. © State of Queensland 2014 Authorised by the Parliamentary Counsel 2014 SL No. 227 Page 5