Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects–C018P) Certificate 2018

Overview

The Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects–C018P) Certificate 2018 was enacted to address the specific issue of combining petroleum projects for the purposes of the Petroleum Resource Rent Tax Assessment Act 1987. This certificate, issued by Senator the Hon Matthew Canavan, Minister for Resources and Northern Australia, aims to streamline and clarify the assessment process for combined petroleum projects. It is made under section 20 of the Act and specifies a range of production licences in Queensland and South Australia. The policy objective is to provide a more efficient framework for the taxation and assessment of combined petroleum projects, ensuring consistency and fairness in the application of the Petroleum Resource Rent Tax. The certificate also allows for review by the Administrative Appeals Tribunal under the Administrative Appeals Tribunal Act 1975, providing a mechanism for addressing any disputes that may arise from its implementation.

Scope and Application

The Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects–C018P) Certificate 2018, made under section 20 of the Petroleum Resource Rent Tax Assessment Act 1987, specifies the particular petroleum production licences that qualify for the combination of projects for the purposes of the assessment of the petroleum resource rent tax. This certificate applies to the specified production licences in Queensland and South Australia, and it replaces the previous certificate issued under the same Act. The certificate commences on the day it is signed by the Minister for Resources and Northern Australia, in accordance with the provisions of the Act. It is subject to review by the Administrative Appeals Tribunal under the Administrative Appeals Tribunal Act 1975, allowing for any interested parties to seek a review of the decision to issue this certificate. The certificate does not set out any exclusions, exemptions, or thresholds beyond what is specified in the Act itself. The certificate may be extended or restricted through subordinate instruments, but no such instruments are mentioned in the provided text.

Key Provisions

This Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects––C018P) Certificate 2018 (the "Certificate") specifies certain petroleum production licences for the purposes of section 20 of the Petroleum Resource Rent Tax Assessment Act 1987 (the "Act"). The Certificate, signed by the Minister for Resources and Northern Australia, came into force on the day it was signed, in accordance with section 20(6) of the Act (section 2). The Certificate is made under section 20 of the Act (section 3). It defines key terms such as "Act" and "Tribunal" (section 4). The Certificate specifies several Queensland and South Australian petroleum production licences for the purposes of section 20 of the Act (section 5). Subject to the Administrative Appeals Tribunal Act 1975, the decision to issue the Certificate can be reviewed by the Administrative Appeals Tribunal (section 6). The Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects—C018N) Certificate 2018 ceases to be in force upon the operation of section 20(6) of the Act (section 7). The Certificate imposes obligations on the parties or entities governed by it, primarily by specifying the petroleum production licences to which section 20 of the Act applies. The specified licences must comply with the requirements of the Act, including the assessment of petroleum resource rent tax. The Certificate serves as a legal instrument that delineates the scope of the Act's application to the specified production licences. There are no explicit offences, penalties, or civil/criminal consequences mentioned for breach of the Certificate itself. However, breaches of the Act, to which the Certificate refers, may result in civil or criminal penalties. For example, section 44 of the Act provides for civil penalties for non-compliance with the Act, including fines of up to $500,000 for individuals and $2.5 million for bodies corporate. Additionally, section 45 of the Act allows for criminal penalties, including fines of up to $5 million for individuals and $25 million for bodies corporate, as well as imprisonment for up to five years.