sec.988Application of assessment and royalty penalty provisions for petroleum royalty payable for period occurring before 1 July 2014

### sec.988 Application of assessment and royalty penalty provisions for petroleum royalty payable for period occurring before 1 July 2014 The assessment and royalty penalty provisions apply in relation to petroleum royalty payable by a petroleum producer for a royalty return period or annual return period even if— the period started before 1 July 2014; and the producer is liable to pay a royalty penalty amount because of a particular act or omission mentioned in section 601A, and the act or omission occurred before 1 July 2014. The Minister may make an assessment, reassessment or default assessment of a royalty-related amount payable by a petroleum producer for a period under chapter 6, part 2, division 3 as in force on and from 1 July 2014, even if the period started before 1 July 2014. For applying subsection (1) in relation to royalty payable for a royalty return period or annual return period occurring before 1 July 2014, a determination by the Minister of the petroleum royalty payable on lodgement of a royalty return or annual royalty return for the period under this Act, as in force before 1 July 2014, is taken to be an assessment of royalty payable for the period. Subsection (4) applies if— the petroleum royalty paid by a petroleum producer for a royalty return period or annual return period that ended before 1 July 2014 is less than the petroleum royalty payable by the producer for the period (a royalty shortfall ); and before 31 December 2014, the producer gives the Minister notice, in the approved form, of the royalty shortfall, including the amount of the royalty shortfall; and before the producer gives the Minister the notice, the Minister has not already notified the producer of the royalty shortfall; and after the commencement, the Minister makes a default assessment or reassessment of the royalty payable by the producer for the period. The producer is not, under section 601, liable for a royalty penalty amount in relation to the royalty shortfall under the default assessment or reassessment. In this section— assessment and royalty penalty provisions means the following provisions— chapter 6, part 2, divisions 1 and 3; sections 601 to 601B. For the validity of determinations of petroleum royalty made before 1 July 2014, see also section 1001. s 988 ins 2014 No. 35 s 69 amd 2018 No. 12 s 31 (sec.988-ssec.1) The assessment and royalty penalty provisions apply in relation to petroleum royalty payable by a petroleum producer for a royalty return period or annual return period even if— the period started before 1 July 2014; and the producer is liable to pay a royalty penalty amount because of a particular act or omission mentioned in section 601A, and the act or omission occurred before 1 July 2014. The Minister may make an assessment, reassessment or default assessment of a royalty-related amount payable by a petroleum producer for a period under chapter 6, part 2, division 3 as in force on and from 1 July 2014, even if the period started before 1 July 2014. (sec.988-ssec.2) For applying subsection (1) in relation to royalty payable for a royalty return period or annual return period occurring before 1 July 2014, a determination by the Minister of the petroleum royalty payable on lodgement of a royalty return or annual royalty return for the period under this Act, as in force before 1 July 2014, is taken to be an assessment of royalty payable for the period. (sec.988-ssec.3) Subsection (4) applies if— the petroleum royalty paid by a petroleum producer for a royalty return period or annual return period that ended before 1 July 2014 is less than the petroleum royalty payable by the producer for the period (a royalty shortfall ); and before 31 December 2014, the producer gives the Minister notice, in the approved form, of the royalty shortfall, including the amount of the royalty shortfall; and before the producer gives the Minister the notice, the Minister has not already notified the producer of the royalty shortfall; and after the commencement, the Minister makes a default assessment or reassessment of the royalty payable by the producer for the period. (sec.988-ssec.4) The producer is not, under section 601, liable for a royalty penalty amount in relation to the royalty shortfall under the default assessment or reassessment. (sec.988-ssec.5) In this section— assessment and royalty penalty provisions means the following provisions— chapter 6, part 2, divisions 1 and 3; sections 601 to 601B. - (a) the period started before 1 July 2014; and - (b) the producer is liable to pay a royalty penalty amount because of a particular act or omission mentioned in section 601A, and the act or omission occurred before 1 July 2014. - (a) the petroleum royalty paid by a petroleum producer for a royalty return period or annual return period that ended before 1 July 2014 is less than the petroleum royalty payable by the producer for the period (a royalty shortfall ); and - (b) before 31 December 2014, the producer gives the Minister notice, in the approved form, of the royalty shortfall, including the amount of the royalty shortfall; and - (c) before the producer gives the Minister the notice, the Minister has not already notified the producer of the royalty shortfall; and - (d) after the commencement, the Minister makes a default assessment or reassessment of the royalty payable by the producer for the period. - (a) chapter 6, part 2, divisions 1 and 3; - (b) sections 601 to 601B.