sec.38Gross value royalty decision

sec.38 Gross value royalty decision

This section applies if the revenue commissioner— receives an application under section 35 for a gross value royalty decision for a mineral; or decides under section 36 on the revenue commissioner’s own initiative to make a gross value royalty decision for a mineral. The revenue commissioner must decide— the gross value of the mineral; or the method or formula for working out the gross value of the mineral. Without limiting the scope of a gross value royalty decision, a gross value royalty decision may— apply for a particular period, including, for example, an earlier return period starting or ending before the decision is made; and provide for different gross values for the mineral to which the decision applies for particular periods, transactions or classes of transactions; and provide for different methods or formulas for working out the gross values of the mineral for particular periods, transactions or classes of transactions. Subsection (5) applies if the holder for a mineral applies under section 35 for a gross value royalty decision for the mineral. To remove any doubt, it is declared that the revenue commissioner may decide the gross value of the mineral, the method or formula for working out the gross value of the mineral or the period, transaction or class of transaction for which the decision applies (each a relevant matter ), even if— the relevant matter is not stated in the holder’s application; or the way in which the relevant matter is stated in the holder’s application is different from the way in which the relevant matter is stated in the decision. After making a gross value royalty decision for a mineral, the revenue commissioner must give the holder for the mineral a notice stating— the reasons for the decision; and either— the gross value of the mineral; or the method or formula for working out the gross value of the mineral; and if the decision applies for a period—the period; and if the decision applies for a particular transaction or class of transaction—the transaction or class; and if the decision applies for an earlier return period—whether, subject to section 45 , the revenue commissioner will assess or reassess the amount of royalty payable for the earlier return period; and For reassessment of royalty payable, see subdivision 4 and the Taxation Administration Act 2001 , part 3 , division 3 . how the holder may object to the decision. For objections against gross value royalty decisions, see the Taxation Administration Act 2001 , section 63A . Despite section 34 , the revenue commissioner can not be compelled to make a gross value royalty decision for a mineral for a return period, to the extent the decision would decrease the gross value taken to apply for the mineral, if royalty was payable for the return period. For the Taxation Administration Act 2001 , section 75 , a decision of the revenue commissioner not to make a gross value royalty decision mentioned in subsection (7) is declared to be a non-reviewable decision. (sec.38-ssec.1) This section applies if the revenue commissioner— receives an application under section 35 for a gross value royalty decision for a mineral; or decides under section 36 on the revenue commissioner’s own initiative to make a gross value royalty decision for a mineral. (sec.38-ssec.2) The revenue commissioner must decide— the gross value of the mineral; or the method or formula for working out the gross value of the mineral. (sec.38-ssec.3) Without limiting the scope of a gross value royalty decision, a gross value royalty decision may— apply for a particular period, including, for example, an earlier return period starting or ending before the decision is made; and provide for different gross values for the mineral to which the decision applies for particular periods, transactions or classes of transactions; and provide for different methods or formulas for working out the gross values of the mineral for particular periods, transactions or classes of transactions. (sec.38-ssec.4) Subsection (5) applies if the holder for a mineral applies under section 35 for a gross value royalty decision for the mineral. (sec.38-ssec.5) To remove any doubt, it is declared that the revenue commissioner may decide the gross value of the mineral, the method or formula for working out the gross value of the mineral or the period, transaction or class of transaction for which the decision applies (each a relevant matter ), even if— the relevant matter is not stated in the holder’s application; or the way in which the relevant matter is stated in the holder’s application is different from the way in which the relevant matter is stated in the decision. (sec.38-ssec.6) After making a gross value royalty decision for a mineral, the revenue commissioner must give the holder for the mineral a notice stating— the reasons for the decision; and either— the gross value of the mineral; or the method or formula for working out the gross value of the mineral; and if the decision applies for a period—the period; and if the decision applies for a particular transaction or class of transaction—the transaction or class; and if the decision applies for an earlier return period—whether, subject to section 45 , the revenue commissioner will assess or reassess the amount of royalty payable for the earlier return period; and For reassessment of royalty payable, see subdivision 4 and the Taxation Administration Act 2001 , part 3 , division 3 . how the holder may object to the decision. For objections against gross value royalty decisions, see the Taxation Administration Act 2001 , section 63A . (sec.38-ssec.7) Despite section 34 , the revenue commissioner can not be compelled to make a gross value royalty decision for a mineral for a return period, to the extent the decision would decrease the gross value taken to apply for the mineral, if royalty was payable for the return period. (sec.38-ssec.8) For the Taxation Administration Act 2001 , section 75 , a decision of the revenue commissioner not to make a gross value royalty decision mentioned in subsection (7) is declared to be a non-reviewable decision.