Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects–C037) Certificate 2021

Overview

The Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects–C037) Certificate 2021, signed by the Hon Keith Pitt MP, Minister for Resources, Water and Northern Australia, serves to address specific issues related to the assessment of petroleum resource rent tax under the Petroleum Resource Rent Tax Assessment Act 1987. This certificate is enacted to provide a formal mechanism for assessing and combining certain petroleum projects in Western Australia, specifically for the purposes outlined in section 20 of the Act. The enactment by the Minister is intended to ensure that the assessment process is carried out in a manner that is transparent and subject to appropriate review. The problem this certificate addresses is the need for a clear and structured approach to the assessment of combined petroleum projects, ensuring that all relevant parties have an opportunity for review through the Administrative Appeals Tribunal, as provided for under the Administrative Appeals Tribunal Act 1975. This legislative instrument aims to facilitate effective management and oversight of petroleum resource rent tax assessments within the specified production licences.

Scope and Application

The Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects–C037) Certificate 2021, issued by the Hon Keith Pitt MP, Minister for Resources, Water and Northern Australia, applies to the specified Western Australia production licences, namely WA-61-L and WA-62-L, for the purposes of the Petroleum Resource Rent Tax Assessment Act 1987. The certificate commences on the date it is signed by the Minister, in accordance with section 20(6) of the Act. The specified production licences are subject to the provisions of section 20 of the Act, which likely pertains to the assessment of petroleum resource rent tax in relation to these projects. The application of this certificate is limited to the specified licences and is made under section 20 of the Act. Additionally, the decision to issue this certificate may be reviewed by the Administrative Appeals Tribunal under the Administrative Appeals Tribunal Act 1975, by or on behalf of the affected parties. This mechanism provides a means of redress for those impacted by the Minister's decision.

Key Provisions

The Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects–C037) Certificate 2021 (sections 1–6) outlines the process and criteria for assessing and certifying certain petroleum projects under the Petroleum Resource Rent Tax Assessment Act 1987. Specifically, the certificate identifies the Western Australia production licences WA-61-L and WA-62-L, which are subject to the assessment and combination under the Act (section 5). This instrument also indicates that the certificate is effective from the date it is signed by the Minister, as per section 20(6) of the Act (section 2). Furthermore, the certificate is made under section 20 of the Act, providing the legal basis for the assessment (section 3). Definitions within the certificate clarify terms such as 'Act' and 'Tribunal', referring to the Petroleum Resource Rent Tax Assessment Act 1987 and the Administrative Appeals Tribunal respectively (section 4). The Act imposes specific obligations on the parties involved in the petroleum projects outlined in the certificate. It requires the Minister to assess the combination of the specified petroleum projects and issue the certificate, which formalises the assessment under the Act (section 20). The certificate also provides a mechanism for review, allowing any affected party to apply to the Administrative Appeals Tribunal for review of the decision to issue the certificate (section 6). This ensures that the process is transparent and that affected parties have an opportunity to challenge the decision if they believe it is unjust or erroneous. Breach of the provisions in the Petroleum Resource Rent Tax Assessment Act 1987, or non-compliance with the certificate, may lead to civil or criminal consequences. Although specific offences and penalties are not detailed in the certificate itself, the Act provides a framework within which such breaches may be addressed. Penalties for non-compliance can include fines and other civil remedies, as well as potential criminal charges in cases of wilful or negligent disregard of the statutory requirements. The maximum penalties for such breaches would be determined according to the specific provisions of the Petroleum Resource Rent Tax Assessment Act 1987.