sec.36Period to which royalty return must relate

sec.36 Period to which royalty return must relate

A royalty return required under the Act to be lodged by a petroleum producer must relate to a period of— if the petroleum producer holds a petroleum lease or a 1923 Act lease—a calendar quarter; or otherwise—a financial year. However, if the revenue commissioner considers it appropriate having regard to the amount of the petroleum royalty likely to be payable by the petroleum producer, the revenue commissioner may decide that— for a petroleum producer to whom subsection (1) (a) applies—a royalty return must relate to a financial year; or for a petroleum producer to whom subsection (1) (b) applies—a royalty return must relate to a calendar quarter. A petroleum producer may ask the revenue commissioner to make a decision under subsection (2) (b) . If the revenue commissioner makes a decision under subsection (2) (a) or (b) — the revenue commissioner must give notice of the decision to the petroleum producer required to lodge the return; and the notice must state the day on which the decision is to take effect; and for subsection (2) (b) —the day stated in the notice must not be earlier than the day the revenue commissioner gives the petroleum producer the notice unless the person agrees otherwise. The decision takes effect on the day stated in the notice. (sec.36-ssec.1) A royalty return required under the Act to be lodged by a petroleum producer must relate to a period of— if the petroleum producer holds a petroleum lease or a 1923 Act lease—a calendar quarter; or otherwise—a financial year. (sec.36-ssec.2) However, if the revenue commissioner considers it appropriate having regard to the amount of the petroleum royalty likely to be payable by the petroleum producer, the revenue commissioner may decide that— for a petroleum producer to whom subsection (1) (a) applies—a royalty return must relate to a financial year; or for a petroleum producer to whom subsection (1) (b) applies—a royalty return must relate to a calendar quarter. (sec.36-ssec.3) A petroleum producer may ask the revenue commissioner to make a decision under subsection (2) (b) . (sec.36-ssec.4) If the revenue commissioner makes a decision under subsection (2) (a) or (b) — the revenue commissioner must give notice of the decision to the petroleum producer required to lodge the return; and the notice must state the day on which the decision is to take effect; and for subsection (2) (b) —the day stated in the notice must not be earlier than the day the revenue commissioner gives the petroleum producer the notice unless the person agrees otherwise. (sec.36-ssec.5) The decision takes effect on the day stated in the notice.

• (a) if the petroleum producer holds a petroleum lease or a 1923 Act lease—a calendar quarter; or
• (b) otherwise—a financial year.
• (a) for a petroleum producer to whom subsection (1) (a) applies—a royalty return must relate to a financial year; or