Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects–C022H) Certificate 2018

Overview

The Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects–C022H) Certificate 2018 was enacted to address the need for a comprehensive assessment and regulation of petroleum projects in Australia, specifically focusing on the combination of certain petroleum production licences. This notifiable instrument was issued under the authority of the Petroleum Resource Rent Tax Assessment Act 1987, by Senator the Hon Matthew Canavan, the Minister for Resources and Northern Australia. The primary policy objective of this certificate is to ensure a fair and effective taxation regime for petroleum resources, while also providing a mechanism for review by the Administrative Appeals Tribunal. The certificate specifies a list of Queensland production licences that are subject to the provisions of the Act, thereby formalising the assessment and tax obligations associated with these projects. Furthermore, it allows for the repeal of the previous certificate, C022G, to streamline and update the regulatory framework for petroleum resource rent tax assessments.

Scope and Application

The Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects––C022H) Certificate 2018, issued under the authority of the Petroleum Resource Rent Tax Assessment Act 1987, specifies certain production licences for the purposes of assessing petroleum resource rent tax. This certificate applies to the listed Queensland production licences, thereby establishing the jurisdictional reach and scope of the assessment. The Act empowers the Minister for Resources and Northern Australia to issue such certificates, and this particular certificate, signed by Senator the Hon Matthew Canavan, commenced on the date of signing in accordance with section 20(6) of the Act. The certificate also provides a mechanism for review by the Administrative Appeals Tribunal under the Administrative Appeals Tribunal Act 1975, allowing affected parties to seek a review of the decision. Additionally, this certificate repeals the previous Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects—C022G) Certificate 2018 by operation of section 20(6) of the Act.

Key Provisions

The Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects–C022H) Certificate 2018, signed by the Minister for Resources and Northern Australia on 28 June 2018, establishes a framework under which certain Queensland petroleum production licences are designated for the purposes of the Petroleum Resource Rent Tax Assessment Act 1987. The certificate specifies that it commences on the day it is signed by the Minister, in accordance with section 20(6) of the Act (sections 1 and 2). The document clarifies that it is made under section 20 of the Act (section 3) and provides definitions for key terms, such as "Act" and "Tribunal" (section 4). The core of the certificate lies in section 5, where it lists specific Queensland petroleum production licences that are subject to the Act. These include licences PL41, PL42, PL43, and so on, up to PL1018. This section explicitly designates these licences for the purposes of section 20 of the Act. The obligations and requirements imposed by the certificate pertain to the administrative processes and compliance measures for the listed petroleum production licences. The certificate provides that any decisions made under this certificate, including the issuance or repeal of such certificates, are subject to review by the Administrative Appeals Tribunal (AAT) under the Administrative Appeals Tribunal Act 1975 (section 6). This means that any person whose interests are affected by a decision made under this certificate has the right to apply to the AAT for a review of that decision. Additionally, section 7 of the certificate repeals the previous certificate, the Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects–C022G) Certificate 2018, by operation of section 20(6) of the Act. Regarding the consequences of breach, the certificate itself does not explicitly outline offences, penalties, or civil/criminal consequences. However, any failure to comply with the provisions of the Petroleum Resource Rent Tax Assessment Act 1987, which this certificate is designed to support, would be subject to the penalties and consequences outlined in that primary Act. The Act may provide for both civil and criminal penalties depending on the nature and severity of the breach. These could include fines, imprisonment, or other penalties as specified in the Act. The exact penalties would need to be referred to in the Petroleum Resource Rent Tax Assessment Act 1987.