Petroleum Resource Rent Tax Assessment (Issue of Combination Certificate—C016A) Notice 2019

Overview

The Petroleum Resource Rent Tax Assessment (Issue of Combination Certificate—C016A) Notice 2019 was enacted to address the need for the combination of certain petroleum projects under the Petroleum Resource Rent Tax Assessment Act 1987. This notifiable instrument, issued by Senator the Hon Matthew Canavan, the Minister for Resources and Northern Australia, provides the necessary certification for the combination of specified production licences, thereby facilitating more streamlined and efficient administration of the petroleum resource rent tax. The policy objective, as stated in the text, is to enable the combination of certain petroleum projects to simplify the assessment process under the Petroleum Resource Rent Tax Assessment Act 1987. Decisions under this certificate can be reviewed by the Administrative Appeals Tribunal, as per the provisions of the Administrative Appeals Tribunal Act 1975.

Scope and Application

The Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects–C016A) Certificate 2019 applies specifically to certain petroleum production licences in Queensland as outlined in the certificate. These licences, including PL 191, PL 194, PL 196, PL 198, PL 223, PL 224, PL 230, PL 238, PL 252, PL 258, PL 260, and PL 486, are subject to the provisions of the Petroleum Resource Rent Tax Assessment Act 1987. The certificate is issued under the authority of the Minister for Resources and Northern Australia, pursuant to section 20(1) of the Act. It replaces a previous certificate, the Petroleum Resource Rent Tax Assessment Act 1987 – Combination Certificate (C016) – Petroleum Production Licences (Gazette - C2013G00801), which ceases to be in force by operation of section 20(6) of the Act. The certificate is subject to review by the Administrative Appeals Tribunal under the Administrative Appeals Tribunal Act 1975, allowing for judicial oversight of decisions made in issuing the certificate.

Key Provisions

The Petroleum Resource Rent Tax Assessment (Combination of Petroleum Projects–C016A) Certificate 2019, issued under section 20(1) of the Petroleum Resource Rent Tax Assessment Act 1987, specifies certain Queensland petroleum production licences for the purposes of the Act. This certificate (sections 2, 3, and 5) lists specific production licences that are to be combined for assessment under the Act. The certificate begins on the date it is signed by the Minister (section 2) and is issued under the authority of section 20(1) of the Act (section 3). It also provides definitions for terms such as 'Act' and 'Tribunal' (section 4) and outlines that the previous certificate, the Petroleum Resource Rent Tax Assessment Act 1987 – Combination Certificate (C016) – Petroleum Production Licences (Gazette - C2013G00801), ceases to be in force upon the commencement of this certificate (section 7). The certificate imposes obligations on the specified parties or entities by detailing the combination of certain petroleum production licences for the purposes of the Petroleum Resource Rent Tax Assessment Act 1987. The specified licences (section 5) must be treated as combined entities for the purposes of tax assessment under the Act. Additionally, the certificate outlines that interested parties may apply to the Administrative Appeals Tribunal for review of the decision to issue the certificate (section 6). This review process is subject to the Administrative Appeals Tribunal Act 1975. The certificate also outlines potential consequences for breach. Although the certificate itself does not explicitly state offences or penalties, the Act and the Administrative Appeals Tribunal Act 1975 provide the framework within which any breaches would be addressed. Under the Petroleum Resource Rent Tax Assessment Act 1987, breaches could result in civil or criminal penalties as stipulated in the Act. For instance, incorrect reporting or non-compliance with the Act's provisions could lead to fines or other penalties as outlined in the Act. Additionally, the Administrative Appeals Tribunal Act 1975 provides avenues for review and potential remedies for those whose interests are affected by the certificate.