Petroleum and Gas (General Provisions) Regulation 2017
sec.70Reduced annual fee or annual rent for part of a year
Start here
Get a plain-English read of sec.70
Turn the raw legal text into a practical explanation grounded in Petroleum and Gas (General Provisions) Regulation 2017.
sec.70 Reduced annual fee or annual rent for part of a year
If the period to which an annual fee or rent relates is less than a year, a pro-rata amount of the fee or rent is payable for the year. If an annual fee or rent is paid for a year and any of the following happens during the year, the proportion of the fee or rent for the remainder of the year may be refunded— the licence for which the annual fee was paid ends; the resource authority for which the rent was paid ends; the petroleum or prescribed storage gas stops being stored. (sec.70-ssec.1) If the period to which an annual fee or rent relates is less than a year, a pro-rata amount of the fee or rent is payable for the year. (sec.70-ssec.2) If an annual fee or rent is paid for a year and any of the following happens during the year, the proportion of the fee or rent for the remainder of the year may be refunded— the licence for which the annual fee was paid ends; the resource authority for which the rent was paid ends; the petroleum or prescribed storage gas stops being stored.
- (a) the licence for which the annual fee was paid ends;
- (b) the resource authority for which the rent was paid ends;
- (c) the petroleum or prescribed storage gas stops being stored.