sec.44Minister may request information or geothermal royalty decision in particular circumstances

sec.44 Minister may request information or geothermal royalty decision in particular circumstances

This section applies if the Minister reasonably believes, in particular circumstances, that for working out the wellhead value of geothermal energy produced by or for a geothermal producer in a royalty return period— the projected amount under section 43 (1) (a) is less than the market value of the geothermal energy; or the operating expenses for the geothermal energy are more than the expenses that would reasonably be incurred in the circumstances. Without limiting subsection (1) , the Minister may form the reasonable belief because of any of the following circumstances— the geothermal energy is used in a power station owned by the geothermal producer; the geothermal energy is acquired by an associated entity or related party of the geothermal producer; an expense was paid or payable to an associated entity or related party of the geothermal producer. The Minister may ask the geothermal producer— to give the Minister information or documents that support that 1 or more components of the wellhead value are based on arms-length transactions at market value; or to apply to the Minister under section 45 for a geothermal royalty decision. The geothermal producer must comply with the Minister’s request made under subsection (3) within— 40 business days after the request is made; or if the Minister has, within the 40 business days, agreed to a longer period—the longer period. The Minister may ask the geothermal producer for additional information or documents about a transaction if— the Minister made a request under subsection (3) (a) ; and the geothermal producer complied with the request as required under subsection (4) . Subsection (7) applies if— the geothermal producer does not comply with a request made under subsection (3) or (5) ; or for a request made under subsection (3) (a) , the geothermal producer— complies with the request; but the information or documents do not satisfy the Minister that 1 or more components of the wellhead value are based on arms-length transactions at market value. The Minister may make a geothermal royalty decision for 1 or more components of the wellhead value as if the geothermal producer had made an application for a geothermal royalty decision under section 45 . In this section— associated entity , of a geothermal producer, means an entity that, within the meaning of the Corporations Act , section 50AAA , is an associated entity of the geothermal producer. related party , of a geothermal producer, means an entity that, within the meaning of the Corporations Act , section 228 , is a related party of the geothermal producer. (sec.44-ssec.1) This section applies if the Minister reasonably believes, in particular circumstances, that for working out the wellhead value of geothermal energy produced by or for a geothermal producer in a royalty return period— the projected amount under section 43 (1) (a) is less than the market value of the geothermal energy; or the operating expenses for the geothermal energy are more than the expenses that would reasonably be incurred in the circumstances. (sec.44-ssec.2) Without limiting subsection (1) , the Minister may form the reasonable belief because of any of the following circumstances— the geothermal energy is used in a power station owned by the geothermal producer; the geothermal energy is acquired by an associated entity or related party of the geothermal producer; an expense was paid or payable to an associated entity or related party of the geothermal producer. (sec.44-ssec.3) The Minister may ask the geothermal producer— to give the Minister information or documents that support that 1 or more components of the wellhead value are based on arms-length transactions at market value; or to apply to the Minister under section 45 for a geothermal royalty decision. (sec.44-ssec.4) The geothermal producer must comply with the Minister’s request made under subsection (3) within— 40 business days after the request is made; or if the Minister has, within the 40 business days, agreed to a longer period—the longer period. (sec.44-ssec.5) The Minister may ask the geothermal producer for additional information or documents about a transaction if— the Minister made a request under subsection (3) (a) ; and the geothermal producer complied with the request as required under subsection (4) . (sec.44-ssec.6) Subsection (7) applies if— the geothermal producer does not comply with a request made under subsection (3) or (5) ; or for a request made under subsection (3) (a) , the geothermal producer— complies with the request; but the information or documents do not satisfy the Minister that 1 or more components of the wellhead value are based on arms-length transactions at market value. (sec.44-ssec.7) The Minister may make a geothermal royalty decision for 1 or more components of the wellhead value as if the geothermal producer had made an application for a geothermal royalty decision under section 45 . (sec.44-ssec.8) In this section— associated entity , of a geothermal producer, means an entity that, within the meaning of the Corporations Act , section 50AAA , is an associated entity of the geothermal producer. related party , of a geothermal producer, means an entity that, within the meaning of the Corporations Act , section 228 , is a related party of the geothermal producer.