sec.43Working out monthly payments for return period that is calendar quarter generally

sec.43 Working out monthly payments for return period that is calendar quarter generally

This section provides, for section 41 (1) , the amounts payable by a petroleum producer for the first and second months of a royalty return period (the current royalty return period ). See, however, section 45 . The amount payable by the petroleum producer for each of the first and second months of the current royalty return period is a third of the total amount of the petroleum royalty payable by the petroleum producer under the Act for the previous royalty return period— taking into account any assessment under the Taxation Administration Act 2001 , for the petroleum royalty payable for the previous royalty return period, made before the earlier of the following events happens— the amount for the first month of the current royalty return period is paid; the amount for the first month of the current royalty return period becomes payable; and disregarding any assessment under the Taxation Administration Act 2001 , for the petroleum royalty payable for the previous royalty return period, made when, or after, the earlier of the events mentioned in paragraph (a) (i) and (ii) happens. The petroleum royalty paid for the previous royalty return period was $90,000. A reassessment for the previous royalty return period was made by the revenue commissioner under the Taxation Administration Act 2001 to increase the petroleum royalty payable for the previous royalty return period to $120,000. The reassessment was made before the amount payable for the first month of the royalty return period is paid or becomes payable (whichever is the earlier). Accordingly, the amount payable under this section for the first month and second month of the royalty return period is $40,000 (being a third of $120,000). (sec.43-ssec.1) This section provides, for section 41 (1) , the amounts payable by a petroleum producer for the first and second months of a royalty return period (the current royalty return period ). See, however, section 45 . (sec.43-ssec.2) The amount payable by the petroleum producer for each of the first and second months of the current royalty return period is a third of the total amount of the petroleum royalty payable by the petroleum producer under the Act for the previous royalty return period— taking into account any assessment under the Taxation Administration Act 2001 , for the petroleum royalty payable for the previous royalty return period, made before the earlier of the following events happens— the amount for the first month of the current royalty return period is paid; the amount for the first month of the current royalty return period becomes payable; and disregarding any assessment under the Taxation Administration Act 2001 , for the petroleum royalty payable for the previous royalty return period, made when, or after, the earlier of the events mentioned in paragraph (a) (i) and (ii) happens. The petroleum royalty paid for the previous royalty return period was $90,000. A reassessment for the previous royalty return period was made by the revenue commissioner under the Taxation Administration Act 2001 to increase the petroleum royalty payable for the previous royalty return period to $120,000. The reassessment was made before the amount payable for the first month of the royalty return period is paid or becomes payable (whichever is the earlier). Accordingly, the amount payable under this section for the first month and second month of the royalty return period is $40,000 (being a third of $120,000).