Meaning of gross value at the wellhead
13 Meaning of gross value at the wellhead
(1) The gross value at the wellhead, of petroleum produced from a project area in a royalty year, means the sales value of the petroleum, minus the lesser of the following:
the deductible costs of the petroleum in the royalty year;
the deduction cap for the petroleum for the royalty year.
(2) Subject to subsection (3), any amount or value that affects the calculation of the gross value at the wellhead is calculated exclusive of GST.
(3) The amount or value of an acquisition that relates to a supply that is input taxed is calculated inclusive of GST.
In this section:
acquisition, see section 11-10 of the A New Tax System (Goods and Services Tax) Act 1999 (Cth).
GST, see section 195-1 of the A New Tax System (Goods and Services Tax) Act 1999 (Cth).
input taxed, see section 9-30 of the A New Tax System (Goods and Services Tax) Act 1999 (Cth).
supply, see section 9-10 of the A New Tax System (Goods and Services Tax) Act 1999 (Cth).
This Act’s bill:Explanatory statementSecond reading speech
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