sec.55Imposition of civil penalty— Act , s 594

sec.55 Imposition of civil penalty— Act , s 594

This section applies if a petroleum producer makes a section 45 election and either— the petroleum royalty payable for the current royalty return period exceeds the petroleum royalty payable for the previous royalty return period by an amount that is more than 15% of the petroleum royalty payable for the previous royalty return period; or both of the following apply— the petroleum royalty payable for the current royalty return period is less than the petroleum royalty payable for the previous royalty return period; the total of the petroleum royalty payable for the first month and the second month of the current royalty return period is less than 50% of the total petroleum royalty payable for the current royalty return period. The producer is liable to the State for an amount ( civil penalty ) equal to 25% of the default estimate difference, if any, for each month of the current royalty return period for which the producer makes the section 45 election. For subsection (2) , the default estimate difference for a month of the current royalty return period is the difference between— the amount that would have been payable for the month under section 43 if the producer had not made the section 45 election; and the amount payable for the month under the section 45 election. However, if the amount mentioned in subsection (3) (a) is less than the amount mentioned in subsection (3) (b) , the default estimate difference for the month is taken to be 0. Subsection (6) applies if, for petroleum royalty payable for the current royalty return period, an assessment is made under the Taxation Administration Act 2001 . For subsection (1) , the petroleum royalty payable for the current royalty return period is the amount of petroleum royalty payable taking into account the assessment. For subsection (1) , a reference to the petroleum royalty payable for the previous royalty return period is a reference to the amount worked out under section 45 (2) . The revenue commissioner may remit the whole or part of the civil penalty. The remission must be made by assessment. In this section— current royalty return period see section 45 (1) (a) . section 45 election means an election under section 45 (3) to change the amount payable for the first month or the second month, or both, of the current royalty return period. (sec.55-ssec.1) This section applies if a petroleum producer makes a section 45 election and either— the petroleum royalty payable for the current royalty return period exceeds the petroleum royalty payable for the previous royalty return period by an amount that is more than 15% of the petroleum royalty payable for the previous royalty return period; or both of the following apply— the petroleum royalty payable for the current royalty return period is less than the petroleum royalty payable for the previous royalty return period; the total of the petroleum royalty payable for the first month and the second month of the current royalty return period is less than 50% of the total petroleum royalty payable for the current royalty return period. (sec.55-ssec.2) The producer is liable to the State for an amount ( civil penalty ) equal to 25% of the default estimate difference, if any, for each month of the current royalty return period for which the producer makes the section 45 election. (sec.55-ssec.3) For subsection (2) , the default estimate difference for a month of the current royalty return period is the difference between— the amount that would have been payable for the month under section 43 if the producer had not made the section 45 election; and the amount payable for the month under the section 45 election. (sec.55-ssec.4) However, if the amount mentioned in subsection (3) (a) is less than the amount mentioned in subsection (3) (b) , the default estimate difference for the month is taken to be 0. (sec.55-ssec.5) Subsection (6) applies if, for petroleum royalty payable for the current royalty return period, an assessment is made under the Taxation Administration Act 2001 . (sec.55-ssec.6) For subsection (1) , the petroleum royalty payable for the current royalty return period is the amount of petroleum royalty payable taking into account the assessment. (sec.55-ssec.7) For subsection (1) , a reference to the petroleum royalty payable for the previous royalty return period is a reference to the amount worked out under section 45 (2) . (sec.55-ssec.8) The revenue commissioner may remit the whole or part of the civil penalty. (sec.55-ssec.9) The remission must be made by assessment. (sec.55-ssec.10) In this section— current royalty return period see section 45 (1) (a) . section 45 election means an election under section 45 (3) to change the amount payable for the first month or the second month, or both, of the current royalty return period.