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

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As in force at 11 April 2001

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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in force in respect of leases granted under Petroleum (Prospecting and Mining) Act 1954(referred to as the repealed Act in section 119).