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Commonwealth legislation
This Act has been repealed and is no longer in force. It is retained for historical reference.
These regulations set out the rules for calculating Petroleum Resource Rent Tax (PRRT) for integrated gas operations—major projects that combine petroleum extraction with downstream processing.
What it covers: The regulations apply to two types of operations:
The core problem: When gas is sold between related companies (a "non‑arm's length transaction"), the price must reflect true market value for tax purposes. These regulations provide three methods to calculate this:
How the Residual Pricing Method works:
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Direct links to the current provisions in Petroleum Resource Rent Tax Assessment Regulations 2005.
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View on official registerSourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
Special rules: Projects operating before 2 May 2010 can elect to use modified methods (Regulations 42–44), including simplified phase rules or depreciated replacement cost valuations.
Who it affects: Participants in integrated LNG projects, gas‑fired power stations processing their own gas, and any taxpayer with non‑arm's length sales of sales gas or natural gas from onshore petroleum projects.