sec.28When average sales price is the benchmark price

sec.28 When average sales price is the benchmark price

This section applies in relation to project gas produced by a petroleum producer in a royalty return period if— an election made by the producer under subsection (3) is in effect; or the producer does not provide, for an assessment, the information required to work out, under section 26 , the average sales price for project gas for the producer for the period; or no LNG is sold in the period, by a member of the LNG project of which the producer is a member, to a person who is neither a member of the LNG project nor a relevant entity for a member of the LNG project; or the revenue commissioner decides it is appropriate for the protection of the public revenue for subsection (2) to apply. Despite section 26 , the average sales price for project gas for the petroleum producer for the royalty return period is the benchmark price for project gas for the period. A petroleum producer may make an election in a royalty return lodged by the producer for subsection (2) to apply. An election made by a petroleum producer under subsection (3) — starts on the first day of the royalty return period for the royalty return in which the election is made; and continues in effect for each royalty return period after the royalty return period mentioned in paragraph (a) unless the revenue commissioner ends the election under subsection (6) . A petroleum producer may apply to the revenue commissioner in the approved form to end an election made under subsection (3) . The revenue commissioner may decide to end the election only if the revenue commissioner considers ending the election is appropriate having regard to all of the circumstances, including, for example, the protection of the public revenue. The revenue commissioner must give the petroleum producer notice of a decision under subsection (6) . The election ends on the day stated in the notice. For subsection (8) , the day stated in the notice may be a day before the day on which the petroleum producer made the application under subsection (5) to end the election. In making a decision under subsection (1) (d) , the revenue commissioner may have regard to any of the following matters— any arrangements existing between a member of the LNG project of which the petroleum producer is a member and a person who purchases LNG from a member of the LNG project; the number of sales of LNG in the royalty return period by all members of the LNG project of which the petroleum producer is a member; the volume of LNG sold in the royalty return period by all members of the LNG project of which the petroleum producer is a member to a person who is neither a member of the LNG project nor a relevant entity for a member of the LNG project; the volume of LNG sold in the royalty return period by all members of the LNG project of which the petroleum producer is a member to a person who is a member of the LNG project or a relevant entity for a member of the LNG project; any other matter the revenue commissioner considers relevant. The revenue commissioner must give a petroleum producer notice of a decision under subsection (1) (d) . The decision takes effect on the day stated in the notice. For subsection (12) , the day stated in the notice may be a day before the day on which the revenue commissioner makes the decision. (sec.28-ssec.1) This section applies in relation to project gas produced by a petroleum producer in a royalty return period if— an election made by the producer under subsection (3) is in effect; or the producer does not provide, for an assessment, the information required to work out, under section 26 , the average sales price for project gas for the producer for the period; or no LNG is sold in the period, by a member of the LNG project of which the producer is a member, to a person who is neither a member of the LNG project nor a relevant entity for a member of the LNG project; or the revenue commissioner decides it is appropriate for the protection of the public revenue for subsection (2) to apply. (sec.28-ssec.2) Despite section 26 , the average sales price for project gas for the petroleum producer for the royalty return period is the benchmark price for project gas for the period. (sec.28-ssec.3) A petroleum producer may make an election in a royalty return lodged by the producer for subsection (2) to apply. (sec.28-ssec.4) An election made by a petroleum producer under subsection (3) — starts on the first day of the royalty return period for the royalty return in which the election is made; and continues in effect for each royalty return period after the royalty return period mentioned in paragraph (a) unless the revenue commissioner ends the election under subsection (6) . (sec.28-ssec.5) A petroleum producer may apply to the revenue commissioner in the approved form to end an election made under subsection (3) . (sec.28-ssec.6) The revenue commissioner may decide to end the election only if the revenue commissioner considers ending the election is appropriate having regard to all of the circumstances, including, for example, the protection of the public revenue. (sec.28-ssec.7) The revenue commissioner must give the petroleum producer notice of a decision under subsection (6) . (sec.28-ssec.8) The election ends on the day stated in the notice. (sec.28-ssec.9) For subsection (8) , the day stated in the notice may be a day before the day on which the petroleum producer made the application under subsection (5) to end the election. (sec.28-ssec.10) In making a decision under subsection (1) (d) , the revenue commissioner may have regard to any of the following matters— any arrangements existing between a member of the LNG project of which the petroleum producer is a member and a person who purchases LNG from a member of the LNG project; the number of sales of LNG in the royalty return period by all members of the LNG project of which the petroleum producer is a member; the volume of LNG sold in the royalty return period by all members of the LNG project of which the petroleum producer is a member to a person who is neither a member of the LNG project nor a relevant entity for a member of the LNG project; the volume of LNG sold in the royalty return period by all members of the LNG project of which the petroleum producer is a member to a person who is a member of the LNG project or a relevant entity for a member of the LNG project; any other matter the revenue commissioner considers relevant. (sec.28-ssec.11) The revenue commissioner must give a petroleum producer notice of a decision under subsection (1) (d) . (sec.28-ssec.12) The decision takes effect on the day stated in the notice. (sec.28-ssec.13) For subsection (12) , the day stated in the notice may be a day before the day on which the revenue commissioner makes the decision.