sec.35Application for gross value royalty decision

sec.35 Application for gross value royalty decision

This section applies to the holder for a mineral if, for a period— no gross value royalty decision applies for the mineral; and the mineral is not, or may not be, a market value mineral. Before, or as soon as practicable after, selling or disposing of or using the mineral, the holder must apply to the revenue commissioner for a gross value royalty decision for the mineral. Maximum penalty—20 penalty units. The application must— be in writing; and state why the holder is seeking the gross value royalty decision; and state a proposed gross value of the mineral, or a proposed method or formula for working out the gross value of the mineral, for 1 or more of the following— a particular transaction; a particular class of transaction; some or all transactions within a particular period; and a fixed value with adjustments in particular circumstances a formula for deciding the market value state the proposed period for which the gross value royalty decision is to apply. Without limiting subsection (3) (d) , the application may relate to 1 or more return periods, regardless of whether any of the return periods starts or ends before the application is made. (sec.35-ssec.1) This section applies to the holder for a mineral if, for a period— no gross value royalty decision applies for the mineral; and the mineral is not, or may not be, a market value mineral. (sec.35-ssec.2) Before, or as soon as practicable after, selling or disposing of or using the mineral, the holder must apply to the revenue commissioner for a gross value royalty decision for the mineral. Maximum penalty—20 penalty units. (sec.35-ssec.3) The application must— be in writing; and state why the holder is seeking the gross value royalty decision; and state a proposed gross value of the mineral, or a proposed method or formula for working out the gross value of the mineral, for 1 or more of the following— a particular transaction; a particular class of transaction; some or all transactions within a particular period; and a fixed value with adjustments in particular circumstances a formula for deciding the market value state the proposed period for which the gross value royalty decision is to apply. (sec.35-ssec.4) Without limiting subsection (3) (d) , the application may relate to 1 or more return periods, regardless of whether any of the return periods starts or ends before the application is made.

• (a) no gross value royalty decision applies for the mineral; and
• (b) the mineral is not, or may not be, a market value mineral.
• (a) be in writing; and
• (b) state why the holder is seeking the gross value royalty decision; and
• (c) state a proposed gross value of the mineral, or a proposed method or formula for working out the gross value of the mineral, for 1 or more of the following— (i) a particular transaction; (ii) a particular class of transaction; (iii) some or all transactions within a particular period; and Examples of a method or formula for working out the gross value of a mineral— • a fixed value with adjustments in particular circumstances • a formula for deciding the market value