5Imposition of fee—transfer of a petroleum title

5 Imposition of fee—transfer of a petroleum title

Imposition of fee (1) A fee is imposed on the entry in the Register of a memorandum of the transfer of a title, where the entry is made under section 479 of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 after the commencement of this section. Amount of fee (2) The amount of the fee is worked out using the table:

<table cellspacing="0" cellpadding="0" style="margin-left:0.25pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:343.5pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-size:10pt; font-weight:bold">Amount of fee</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-size:10pt; font-weight:bold">Item</span></p></td><td style="width:173.25pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-size:10pt; font-weight:bold">In this case...</span></p></td><td style="width:123.75pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-size:10pt; font-weight:bold">the amount of the fee is...</span></p></td></tr></thead><tbody><tr><td style="width:24.9pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span style="font-size:10pt">1</span></p></td><td style="width:173.25pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tablea" style="line-height:normal; font-size:10pt"><span>(a) an entry is made in the Register of a memorandum of the transfer of a title; and</span></p><p class="Tablea" style="line-height:normal; font-size:10pt"><span>(b) none of items</span><span> </span><span>2, 3 and 4 apply</span></p></td><td style="width:123.75pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span style="font-size:10pt">the amount calculated at the rate of 1.5% of whichever is the greater of the following:</span></p><p class="Tablea" style="line-height:normal; font-size:10pt"><span>(a) the value of the consideration for the transfer;</span></p><p class="Tablea" style="line-height:normal; font-size:10pt"><span>(b) the value of the title transferred</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span style="font-size:10pt">2</span></p></td><td style="width:173.25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tablea" style="line-height:normal; font-size:10pt"><span>(a) an entry is made in the Register of a memorandum of the transfer of a title; and</span></p><p class="Tablea" style="line-height:normal; font-size:10pt"><span>(b) assuming that item</span><span> </span><span>1 had applied, the amount worked out under that item would have been less than the amount prescribed by the regulations</span></p></td><td style="width:123.75pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span style="font-size:10pt">the amount prescribed by the regulations</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span style="font-size:10pt">3</span></p></td><td style="width:173.25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tablea" style="line-height:normal; font-size:10pt"><span>(a) an entry is made in the Register of a memorandum of the transfer of a title; and</span></p><p class="Tablea" style="line-height:normal; font-size:10pt"><span>(b) assuming that item</span><span> </span><span>1 had applied, the amount of the fee would have been more than the amount prescribed by the regulations; and</span></p><p class="Tablea" style="line-height:normal; font-size:10pt"><span>(c) the transfer was executed for the purpose of giving effect to a dealing; and</span></p><p class="Tablea" style="line-height:normal; font-size:10pt"><span>(d) a fee was imposed by section</span><span> </span><span>6 on the entry in the Register of an approval of the dealing; and</span></p><p class="Tablea" style="line-height:normal; font-size:10pt"><span>(e) the fee mentioned in paragraph</span><span> </span><span>(d) has been paid; and</span></p><p class="Tablea" style="line-height:normal; font-size:10pt"><span>(f) the transfer was agreed to under the dealing</span></p></td><td style="width:123.75pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span style="font-size:10pt">the amount prescribed by the regulations</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span style="font-size:10pt">4</span></p></td><td style="width:173.25pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tablea" style="line-height:normal; font-size:10pt"><span>(a) an entry is made in the Register of a memorandum of the transfer of a title; and</span></p><p class="Tablea" style="line-height:normal; font-size:10pt"><span>(b) assuming that item</span><span> </span><span>1 had applied, the amount of the fee would have been more than the amount prescribed by the regulations; and</span></p><p class="Tablea" style="line-height:normal; font-size:10pt"><span>(c) the parties to the transfer satisfy the Titles Administrator that:</span></p><p class="Tablei"><span style="font-size:10pt">(i) the parties are related bodies corporate within the meaning of the </span><span style="font-size:10pt; font-style:italic">Corporations Act 2001</span><span style="font-size:10pt">; and</span></p><p class="Tablei"><span style="font-size:10pt">(ii) the transfer was executed solely for the purpose of a reorganisation of the corporations concerned or any of them or solely for the purpose of securing the better administration of the corporations concerned or any of them; and</span></p><p class="Tablei"><span style="font-size:10pt">(iii) the transfer was not executed substantially for the purpose of avoiding or reducing the fees that would, apart from this item, be payable under this section on the entry in the Register of a memorandum of the transfer</span></p></td><td style="width:123.75pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span style="font-size:10pt">the amount prescribed by the regulations</span></p></td></tr></tbody></table>