sec.1006Rate of petroleum royalty payable for annual return period ending 31 December 2019

### sec.1006 Rate of petroleum royalty payable for annual return period ending 31 December 2019 This section applies to a petroleum producer in relation to an annual royalty return for the annual return period ending 31 December 2019. Despite section 590(2), petroleum royalty is payable by the petroleum producer for the annual return period at the rate of 11.25% of the wellhead value of— for petroleum produced under a petroleum tenure or a 1923 Act petroleum tenure—petroleum disposed of by the petroleum producer during the period; or otherwise—petroleum produced by the petroleum producer during the period. To remove any doubt, it is declared that the rate stated in subsection (2)— applies for the entire annual return period; and does not prevent a different rate— being, or having been, prescribed under section 590(2); and applying to the petroleum producer for a royalty return period occurring during the annual return period. This section does not apply in relation to a transitional return, made under section 599 (8) of the Act , for the transitional return period ending 31 December 2019. s 1006 ins 2019 No. 20 s 52 (sec.1006-ssec.1) This section applies to a petroleum producer in relation to an annual royalty return for the annual return period ending 31 December 2019. (sec.1006-ssec.2) Despite section 590(2), petroleum royalty is payable by the petroleum producer for the annual return period at the rate of 11.25% of the wellhead value of— for petroleum produced under a petroleum tenure or a 1923 Act petroleum tenure—petroleum disposed of by the petroleum producer during the period; or otherwise—petroleum produced by the petroleum producer during the period. (sec.1006-ssec.3) To remove any doubt, it is declared that the rate stated in subsection (2)— applies for the entire annual return period; and does not prevent a different rate— being, or having been, prescribed under section 590(2); and applying to the petroleum producer for a royalty return period occurring during the annual return period. (sec.1006-ssec.4) This section does not apply in relation to a transitional return, made under section 599 (8) of the Act , for the transitional return period ending 31 December 2019. - (a) for petroleum produced under a petroleum tenure or a 1923 Act petroleum tenure—petroleum disposed of by the petroleum producer during the period; or - (b) otherwise—petroleum produced by the petroleum producer during the period. - (a) applies for the entire annual return period; and - (b) does not prevent a different rate— (i) being, or having been, prescribed under section 590(2); and (ii) applying to the petroleum producer for a royalty return period occurring during the annual return period. - (i) being, or having been, prescribed under section 590(2); and - (ii) applying to the petroleum producer for a royalty return period occurring during the annual return period. - (i) being, or having been, prescribed under section 590(2); and - (ii) applying to the petroleum producer for a royalty return period occurring during the annual return period.