Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects–C042) Certificate 2025

Overview

The Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects––C042) Certificate 2025, issued by the Hon Madeleine King MP, Minister for Resources, aims to address the need for a specific combination of petroleum projects for the assessment of the petroleum resource rent tax. Enacted under section 20(1) of the Petroleum Resource Rent Tax Assessment Act 1987, this certificate identifies particular production licences in Tasmania and Victoria for the purposes outlined in the Act. This legislative instrument also allows for administrative review of the decision to issue the certificate by the Administrative Review Tribunal as per the Administrative Review Tribunal Act 2024. Furthermore, the enactment of this certificate renders the previous Petroleum Resource Rent Tax Assessment-Combination Certificate (C040) void by operation of section 20(6) of the Act.

Scope and Application

This Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects–C042) Certificate 2025 applies to the specified production licences in Tasmania and Victoria as outlined in the document, and is made under section 20(1) of the Petroleum Resource Rent Tax Assessment Act 1987. The certificate is applicable to the combination of the specified petroleum projects for the purposes of assessing the petroleum resource rent tax. It is important to note that the application for review of the decision to issue this certificate can be made to the Administrative Review Tribunal in accordance with the Administrative Review Tribunal Act 2024. This certificate replaces the Petroleum Resource Rent Tax Assessment- Combination Certificate (C040), which ceases to be in force by operation of section 20(6) of the Act. The jurisdictional reach of this certificate is limited to the specified production licences in Tasmania and Victoria, and it does not extend to other projects or areas outside of the stated scope.

Key Provisions

The main operative sections of the Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects–C042) Certificate 2025 (Certificate) pertain to the specified production licences and the authority under which the certificate is issued. Section 5 of the Certificate specifies the Tasmanian and Victorian production licences relevant to the purposes of section 20(1) of the Petroleum Resource Rent Tax Assessment Act 1987 (Act). These specified licences include T/L2, T/L3, T/L4 for Tasmania and VIC/L23, VIC/L35, VIC/L36 for Victoria. Section 6 allows for the review of decisions made under this Certificate by the Administrative Review Tribunal, as provided by the Administrative Review Tribunal Act 2024. Finally, Section 7 stipulates that the previous certificate, namely the Petroleum Resource Rent Tax Assessment- Combination Certificate (C040), ceases to be in force by operation of section 20(6) of the Act. The Certificate imposes specific obligations on the parties and entities it governs. Primarily, the Certificate binds the specified production licences to the conditions set out in the Act. It mandates that the production licences listed in Section 5 are subject to the assessment and tax provisions under the Act. Additionally, Section 6 provides a mechanism for affected parties to seek review of the certificate's decisions by applying to the Administrative Review Tribunal. This ensures that there is a formal process for challenging the decisions made in issuing the Certificate, thereby upholding procedural fairness. Breaches of the obligations or requirements set out in the Certificate can result in significant consequences. While specific offences and penalties are not detailed in the Certificate itself, the Act under which it is made likely contains provisions for non-compliance. Typically, breaches of petroleum resource rent tax obligations can lead to civil penalties, including fines and interest on unpaid taxes. In severe cases, criminal penalties may apply, such as imprisonment for individuals found guilty of tax evasion or fraud. The maximum penalties would be outlined in the Act and could vary based on the nature and severity of the breach.