Petroleum (Prospecting and Mining) Regulations 2001 (Northern Territory)

Meta Data

Draft:

Revision of previous policy?:

Draft Year:

2001

Effective Start Year:

2001

Scope:

Subnational

Document Type:

Rule/Regulation

Economic Sector:

Energy

Energy Types:

Oil

Issued by:

Northern Territory Government - Department of Mines and Energy

Source:

Northern Territory Government

File:

Petroleum (Prospecting and Mining) Regulations 2001

Overall Summary:

Regulations under the Petroleum (Prospecting and Mining) Act as continued in force by section 119 of the Petroleum Act.

Full Document Text

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 1954ascontinued 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, GSThas the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999of the Commonwealth.

NOTE

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in force in respect of leases granted under Petroleum (Prospecting and Mining) Act 1954(referred to as the repealed Act in section 119).

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.