sec.41When petroleum royalty payable—return period that is calendar quarter

sec.41 When petroleum royalty payable—return period that is calendar quarter

Subject to section 42 , the petroleum royalty payable by a petroleum producer under the Act for a royalty return period that is a calendar quarter is payable as follows— instalment 1 is payable on the last business day of the second month of the royalty return period; instalment 2 is payable on the last business day of the third month of the royalty return period; under the Taxation Administration Act 2001 , section 30 (1) (a) , instalment 3 is payable on the day a royalty return must be lodged for the royalty return period. A petroleum producer must lodge an approved form for a payment under subsection (1) when the payment is made. In this section— instalment 1 , for a royalty return period that is a calendar quarter, means— the amount payable by the petroleum producer for the first month of the royalty return period worked out under section 43 ; or if an election under section 45 applies for the first month of the royalty return period—the amount payable by the petroleum producer for the first month worked out under section 45 (5) (a) . instalment 2 , for a royalty return period that is a calendar quarter, means— the amount payable by the petroleum producer for the second month of the royalty return period worked out under section 43 ; or if an election under section 45 applies for the second month of the royalty return period—the amount payable by the petroleum producer for the second month worked out under section 45 (5) (b) . instalment 3 , for a royalty return period that is a calendar quarter, means— if the sum of instalment 1 and instalment 2 for the royalty return period is less than the petroleum royalty payable by the petroleum producer under the Act for the royalty return period (the total royalty )—the amount of the total royalty less the sum; or otherwise—zero. (sec.41-ssec.1) Subject to section 42 , the petroleum royalty payable by a petroleum producer under the Act for a royalty return period that is a calendar quarter is payable as follows— instalment 1 is payable on the last business day of the second month of the royalty return period; instalment 2 is payable on the last business day of the third month of the royalty return period; under the Taxation Administration Act 2001 , section 30 (1) (a) , instalment 3 is payable on the day a royalty return must be lodged for the royalty return period. (sec.41-ssec.2) A petroleum producer must lodge an approved form for a payment under subsection (1) when the payment is made. (sec.41-ssec.3) In this section— instalment 1 , for a royalty return period that is a calendar quarter, means— the amount payable by the petroleum producer for the first month of the royalty return period worked out under section 43 ; or if an election under section 45 applies for the first month of the royalty return period—the amount payable by the petroleum producer for the first month worked out under section 45 (5) (a) . instalment 2 , for a royalty return period that is a calendar quarter, means— the amount payable by the petroleum producer for the second month of the royalty return period worked out under section 43 ; or if an election under section 45 applies for the second month of the royalty return period—the amount payable by the petroleum producer for the second month worked out under section 45 (5) (b) . instalment 3 , for a royalty return period that is a calendar quarter, means— if the sum of instalment 1 and instalment 2 for the royalty return period is less than the petroleum royalty payable by the petroleum producer under the Act for the royalty return period (the total royalty )—the amount of the total royalty less the sum; or otherwise—zero.