Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects–C014C) Certificate 2018

Overview

The Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects––C014C) Certificate 2018 was introduced to amend and repeal certain petroleum production licences in Queensland under the Petroleum Resource Rent Tax Assessment Act 1987. This notifiable instrument was made by Senator the Hon Matthew Canavan, the Minister for Resources and Northern Australia, under section 20 of the Act. The certificate aims to streamline the administration of the petroleum resource rent tax by combining certain production licences, thereby reducing complexity and improving efficiency in tax assessment processes. This legislative action is designed to ensure the proper administration of the tax regime and support the resource sector's operational needs. The certificate is subject to review by the Administrative Appeals Tribunal under the Administrative Appeals Tribunal Act 1975, providing a mechanism for affected parties to seek redress.

Scope and Application

This Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects––C014C) Certificate 2018 applies to the combination of specific petroleum production licences in Queensland for the purposes of the Petroleum Resource Rent Tax Assessment Act 1987. The Act governs the assessment of petroleum resource rent tax on petroleum projects, and this certificate specifically identifies the Queensland production licences involved in the combination, as listed in the Schedule. This legislation applies to the persons or entities holding the specified production licences and the projects they administer. The geographic scope of this Act is limited to Queensland, as it pertains directly to production licences within that state. There are no stated exclusions, exemptions, or thresholds in this certificate itself, although such provisions would be found in the primary Act. The application and effect of this certificate can be further detailed or modified by subordinate instruments as necessary, and any affected parties have the right to seek review of decisions under the Administrative Appeals Tribunal Act 1975.

Key Provisions

The Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects––C014C) Certificate 2018 outlines the specific provisions and amendments related to the Petroleum Resource Rent Tax Assessment Act 1987, particularly concerning the combination of certain petroleum projects. This certificate (sections 1-6) identifies the instrument's name, commencement date, the authority under which it is made, and the definitions of key terms such as "Act" and "Tribunal". The schedules detail which instruments are to be amended or repealed, with Schedule 1 specifically repealing the previous Combination Certificate (C014B). The specified production licences listed in the certificate (section 6) include a comprehensive range of Queensland production licences, each identified by its unique PL number. Under this certificate, certain obligations and requirements are placed on the parties involved, primarily the holders of the specified production licences. These obligations may include reporting requirements, compliance with the terms of the certificate, and adherence to the repealed provisions as outlined in the schedules. The certificate ensures that these parties are aware of the changes and must act in accordance with the new legislative framework. Additionally, the certificate provides a mechanism for review by the Administrative Appeals Tribunal (section 7), allowing affected parties to seek a review of decisions related to the certificate. The certificate also outlines the potential consequences of non-compliance. While the certificate itself does not specify offences or penalties, any breach of the Petroleum Resource Rent Tax Assessment Act 1987 or its associated regulations could lead to enforcement actions. Under the Act, breaches could result in civil penalties, including fines, or criminal charges, depending on the severity and intent of the breach. The maximum penalties for offences under the Act can be substantial, reflecting the seriousness with which the government treats non-compliance in the petroleum sector. These penalties serve as a deterrent and ensure that all parties adhere to the legislative requirements.