Lodgement of returns
24 Lodgement of returns
(1) A licensee or permittee must lodge a royalty return with the Commissioner of Territory Revenue within 30 days after the end of a royalty year for the licensee or permittee.
(2) A licensee or permittee must also lodge a royalty return with the Commissioner of Territory Revenue 30 days after the day:
(a) the licensee or permittee ends petroleum production during an extended or permanent shutdown of its operations in a project area; or
(b) there is a change in ownership of the licence or exploration permit.
(3) On application, the Commissioner of Territory Revenue may waive the requirement to lodge a royalty return under subsection (2) if:
(a) the requirement is triggered by a change in ownership of the licence or exploration permit; and
(b) the change does not interrupt the operation of the project area or the accounts relating to petroleum production.
A royalty return must be in the approved form.
(5) If there is more than one licensee or permittee for a project area:
a single royalty return must be lodged for the project area; and
(b) the licensees or permittees may authorise a person to lodge the royalty return.
(6) The lodgement of a single royalty return for a project area does not affect the joint and several liability of each licensee or permittee for the project area to pay royalty for the petroleum production from the project area.
This Act’s bill:Explanatory statementSecond reading speech
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