sec.54Application of part to swap arrangements

sec.54 Application of part to swap arrangements

The revenue commissioner may make a determination about how this part applies to swap arrangements. Without limiting subsection (1) , for petroleum subject to a swap arrangement, a determination may be made about— how the average sales price for the petroleum is to be worked out for division 3 ; and if the petroleum is gas—whether the gas is to be classified as domestic gas, supply gas or project gas. The revenue commissioner must publish a determination made under subsection (1) on the department’s website. In this section— swap arrangement means an arrangement entered into between a petroleum producer or a reseller for a petroleum producer and another petroleum producer or a reseller for a petroleum producer, to swap rights or obligations in relation to petroleum produced by the producers to the extent the arrangement relates to exchanging the same volume and quality of petroleum in a particular period. (sec.54-ssec.1) The revenue commissioner may make a determination about how this part applies to swap arrangements. (sec.54-ssec.2) Without limiting subsection (1) , for petroleum subject to a swap arrangement, a determination may be made about— how the average sales price for the petroleum is to be worked out for division 3 ; and if the petroleum is gas—whether the gas is to be classified as domestic gas, supply gas or project gas. (sec.54-ssec.3) The revenue commissioner must publish a determination made under subsection (1) on the department’s website. (sec.54-ssec.4) In this section— swap arrangement means an arrangement entered into between a petroleum producer or a reseller for a petroleum producer and another petroleum producer or a reseller for a petroleum producer, to swap rights or obligations in relation to petroleum produced by the producers to the extent the arrangement relates to exchanging the same volume and quality of petroleum in a particular period.

• (a) how the average sales price for the petroleum is to be worked out for division 3 ; and
• (b) if the petroleum is gas—whether the gas is to be classified as domestic gas, supply gas or project gas.