4Imposition of registration fees

4.Imposition of registration fees

(1)In this section, title means a permit, drilling reservation, lease, licence or access authority.

(2)Subject to this section, there is payable to the Minister in respect of an entry in the Register of a memorandum of the transfer of a title under section 72 of the Petroleum, Geothermal Energy and Greenhouse Gas Storage Act 1967 a fee at the rate of 1.5% of —

(a)the value of the consideration for the transfer; or

(b)the value of the title transferred,

whichever is the greater or, if the amount of that fee is less than the prescribed amount, a fee of the prescribed amount.

(3)Where —

(a)a fee imposed by this Act, as in force at any time, in respect of an entry of approval of an instrument or dealing, being a dealing or instrument pursuant to which the transfer of a title is agreed to, has been paid; and

(b)but for this subsection, the amount of the fee imposed by subsection (2) in respect of the entry of a memorandum of the transfer of the title, being a transfer executed for the purpose of giving effect to the dealing or instrument referred to in paragraph (a), would be greater than the prescribed amount,

the amount of the fee imposed by subsection (2) in respect of the entry of the memorandum of the transfer is the prescribed amount.

(4)Where —

(a)the parties to a transfer of a title lodged for approval under section 72 of the Petroleum, Geothermal Energy and Greenhouse Gas Storage Act 1967 satisfy the Minister that —

(i)they are related bodies corporate within the meaning of the Corporations Act 2001 of the Commonwealth;

(ii)the transfer was executed solely for the purpose of a reorganization of the corporations concerned or any of them or solely for the purpose of securing the better administration of the corporations concerned or any of them; and

(iii)the transfer was not executed substantially for the purpose of avoiding or reducing the registration fees that would, but for this subsection, be payable under subsection (2) in respect of the entry of a memorandum of the transfer;

and

(b)but for this subsection, the amount of the fee imposed by subsection (2) in respect of the entry of the memorandum of the transfer of the title would be more than the prescribed amount,

the amount of the fee imposed by subsection (2) in respect of the entry of the memorandum of the transfer is the prescribed amount.

(5)Subject to this section, there is payable to the Minister in respect of an entry in the Register of the approval of a dealing under section 75 of the Petroleum, Geothermal Energy and Greenhouse Gas Storage Act 1967 a fee at the rate of 1.5% of —