Northern Territory regulation

PETROLEUM (PROSPECTING AND MINING) REGULATIONS 2001

In ForceNT

Jurisdiction

Northern Territory

Collection

regulation

Plain English Summary

2/10 complexity

This regulation adds a GST charge to annual rents payable under section 56 of the Petroleum (Prospecting and Mining) Act for any lease period that falls after 30 June 2000. The lessee (the rent-payer) must pay the additional GST component, which is calculated by a short formula and can be charged separately even if the base rent was already paid, with payment due within one month of the charge.

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Current sections

Direct links to the current provisions in PETROLEUM (PROSPECTING AND MINING) REGULATIONS 2001.

PETROLEUM (PROSPECTING AND MINING) REGULATIONS 2001

NORTHERN TERRITORY OF AUSTRALIA PETROLEUM (PROSPECTING AND MINING) REGULATIONS 2001 As in force at 11 April 2001 Table of provisions 1 Citation ............................................................................................ 1 2 Rent increase to cover GST ............................................................ 1 ENDNOTES

NORTHERN TERRITORY OF AUSTRALIA

As in force at 11 April 2001

PETROLEUM (PROSPECTING AND MINING) REGULATIONS 2001 Regulations under the Petroleum (Prospecting and Mining) Act 1954 as continued in force by section 119 of the Petroleum Act 1984 1 Citation These Regulations may be cited as the Petroleum (Prospecting and Mining) Regulations 2001. 2 Rent increase to cover GST (1) If an annual rent prescribed by section 56 of the Act is payable in respect of a period any of which is after 30 June 2000, the amount of the rent payable in respect of the period after 30 June 2000 is increased by the amount of the GST component. (2) Despite that rent in respect of a period after 30 June 2000 may have been paid, the additional amount of the GST component may be separately charged and is payable by the lessee within one month after the date the charge is made. (3) The GST component of rent in respect of a period after 30 June 2000 is to be calculated in accordance with the formula: GST component = (AR/10) x (GST period/366) where: ARis the relevant annual rent prescribed; and GST period is the number of days that are in the period after 30 June 2000. (4) In this regulation, GST has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth.

Petroleum (Prospecting and Mining) Regulations 2001 2 NOTE These Regulations are made for the purposes of the Petroleum (Prospecting and Mining) Act 1954 that in accordance with section 119 of the Petroleum Act 1984 continues in force in respect of leases granted under Petroleum (Prospecting and Mining) Act 1954 (referred to as the repealed Act in section 119).

ENDNOTES Petroleum (Prospecting and Mining) Regulations 2001 3 ENDNOTES 1 KEY Key to abbreviations amd = amended od = order app = appendix om = omitted bl = by-law pt = Part ch = Chapter r = regulation/rule cl = clause rem = remainder div = Division renum = renumbered exp = expires/expired rep = repealed f = forms s = section Gaz = Gazette sch = Schedule hdg = heading sdiv = Subdivision ins = inserted SL = Subordinate Legislation lt = long title sub = substituted nc = not commenced 2 LIST OF LEGISLATION Petroleum (Prospecting and Mining) Regulations (SL No. 22, 2001) Notified 11 April 2001 Commenced 11 April 2001 3 GENERAL AMENDMENTS General amendments of a formal nature (which are not referred to in the table of amendments to this reprint) are made by the Interpretation Legislation Amendment Act 2018 (Act No. 22, 2018) to: r 1.

Source text

Sourced from NT Legislation (legislation.nt.gov.au), CC BY 4.0.

1 PETROLEUM (PROSPECTING AND MINING) REGULATIONS 2001

NORTHERN TERRITORY OF AUSTRALIA

As in force at 11 April 2001