5Definitions

5 Definitions

Note: Other definitions are set out in section 2 of the Act, including the following:

(a) excluded commodity;
(b) financial year;
(c) instalment period;
(d) long‑term bond rate;
(e) marketable petroleum commodity;
(g) petroleum;
(h) petroleum project;
(i) sales gas;
(j) year of tax.

In this instrument:

Act means the Petroleum Resource Rent Tax Assessment Act 1987.

actual mass of project natural gas, for an integrated operation and a year of tax in which the operation produces project liquid or project electricity, means the mass of project natural gas that was used to produce project liquid or project electricity.

actual volume of project natural gas, for an integrated operation and a year of tax in which the operation produces project liquid or project electricity, means the volume of project natural gas that was used to produce project liquid or project electricity.

advance pricing arrangement has the meaning given by subsection 22(1).

annual allocation, for a capital cost, has the meaning given by section 42.

arm’s length price means the consideration received or receivable in relation to a transaction in which the parties are dealing with each other at arm’s length.

assessable gas, for calculating assessable petroleum receipts relating to sales gas, means project sales gas.

assessment year means the year of tax for which an RPM price is to be calculated by applying the residual pricing method.

augmented, for a capital cost, has the meaning given by section 16.

capital allowance, for a financial year, has the meaning given by section 18.

capital cost has the meaning given by subsection 36(1).

comparable uncontrolled price or CUP, in relation to a relevant transaction for a volume or mass of project sales gas, has the meaning given by subsection 23(1).

cost‑plus price has the meaning given by section 26.

direct cost has the meaning given by section 33.

downstream, for a cost, has the meaning given by subsection 38(6).