sec.45Election to change monthly payments for return period that is calendar quarter

sec.45 Election to change monthly payments for return period that is calendar quarter

This section applies if, at the relevant time— a petroleum producer reasonably believes the amount of petroleum royalty payable by the producer under the Act for a royalty return period that is a calendar quarter (the current royalty return period ) will be less than the petroleum royalty payable by the producer under the Act for the previous royalty return period; and the revenue commissioner has not given the petroleum producer a notice under section 46 . For subsection (1) , the petroleum royalty payable by the petroleum producer under the Act for the previous royalty return period is the amount that, under section 43 or 44 , is the petroleum royalty payable by the producer under the Act for the previous royalty return period for section 43 (2) . The petroleum producer may elect to change the amount payable for the first or second months of the current royalty return period. The election must— be in the approved form; and state the amount of petroleum royalty the petroleum producer reasonably believes will be payable by the petroleum producer under the Act for the current royalty return period; and unless the revenue commissioner, by notice given to the petroleum producer, approves another day for making the election—be lodged on or before— for an election for the first month of the current royalty return period—the last business day of the second month of the royalty return period; or for an election for the second month of the current royalty return period—the last business day of the third month of the royalty return period. Subject to subsection (6) — if the petroleum producer makes an election under subsection (3) for the first month of the current royalty return period, the amount payable for that month is a third of the amount mentioned in subsection (4) (b) for the election; or if the petroleum producer makes an election under subsection (3) for the second month of the current royalty return period, the amount payable for that month is a third of the amount mentioned in subsection (4) (b) for the election. The amount payable, as changed under subsection (3) for the first or second months of a royalty return period, may be more than the amount payable under subsection (5) (a) or (b) . In this section— relevant time , for an election for the first month or the second month of a royalty return period, means when the amount payable for the month becomes payable under section 41 . (sec.45-ssec.1) This section applies if, at the relevant time— a petroleum producer reasonably believes the amount of petroleum royalty payable by the producer under the Act for a royalty return period that is a calendar quarter (the current royalty return period ) will be less than the petroleum royalty payable by the producer under the Act for the previous royalty return period; and the revenue commissioner has not given the petroleum producer a notice under section 46 . (sec.45-ssec.2) For subsection (1) , the petroleum royalty payable by the petroleum producer under the Act for the previous royalty return period is the amount that, under section 43 or 44 , is the petroleum royalty payable by the producer under the Act for the previous royalty return period for section 43 (2) . (sec.45-ssec.3) The petroleum producer may elect to change the amount payable for the first or second months of the current royalty return period. (sec.45-ssec.4) The election must— be in the approved form; and state the amount of petroleum royalty the petroleum producer reasonably believes will be payable by the petroleum producer under the Act for the current royalty return period; and unless the revenue commissioner, by notice given to the petroleum producer, approves another day for making the election—be lodged on or before— for an election for the first month of the current royalty return period—the last business day of the second month of the royalty return period; or for an election for the second month of the current royalty return period—the last business day of the third month of the royalty return period. (sec.45-ssec.5) Subject to subsection (6) — if the petroleum producer makes an election under subsection (3) for the first month of the current royalty return period, the amount payable for that month is a third of the amount mentioned in subsection (4) (b) for the election; or if the petroleum producer makes an election under subsection (3) for the second month of the current royalty return period, the amount payable for that month is a third of the amount mentioned in subsection (4) (b) for the election. (sec.45-ssec.6) The amount payable, as changed under subsection (3) for the first or second months of a royalty return period, may be more than the amount payable under subsection (5) (a) or (b) . (sec.45-ssec.7) In this section— relevant time , for an election for the first month or the second month of a royalty return period, means when the amount payable for the month becomes payable under section 41 .