47Refunds of royalty paid

47 Refunds of royalty paid

47 Refunds of royalty paid

(Former clause 24AB (10)–(12) of 2007 Reg)

(1) For the purposes of section 91A of the Act, the holder of a petroleum title is eligible for a refund of royalty paid by the holder in respect of petroleum recovered by that holder under that petroleum title, or any other petroleum title in the same project area as the title in respect of which royalty was paid or is payable, if—

(a) a contribution was made to an authorised fund by that holder of that title in respect of any petroleum title held by that holder in the project area, and

(b) any part of the project area to which the petroleum title relates is located within the area specified in the Ministerial order as the area to which the authorised fund relates, and

(c) an overpayment of royalty has been paid after a rebate has been calculated and any possible rebate against royalty has been exhausted, and

(d) refunds or rebates, or both, have not previously been paid or claimed in respect of the total amount of the contribution in the year.

(2) A refund under this clause first becomes payable at the end of the first full financial year (1 July to 30 June) in which the holder of the title recovers petroleum, in relation to which royalty was paid, under the authority of a production lease in the title’s project area.

(3) The amount that a holder of a petroleum title who was paid royalty in a financial year is entitled to claim as a refund on royalty paid in the same year as a contribution is made is $1 for every $2 that the holder of the title contributed to an authorised fund, up to a maximum of 10% of the royalty paid by the holder of the title in relation to production in the title’s project area in that year.