A Bill for an Act to amend the Offshore Petroleum and Greenhouse Gas Storage Act 2006, and for related purposes
The Parliament of Australia enacts:
1 Short title
This Act is the Offshore Petroleum and Greenhouse Gas Storage Amendment (Reporting of Gas Reserves) Act 2018.
2 Commencement
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
| Commencement information |
| Column 1 | Column 2 | Column 3 |
| Provisions | Commencement | Date/Details |
| 1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table | The day this Act receives the Royal Assent. | |
| 2. Schedule 1 | The day after this Act receives the Royal Assent. | |
Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
(2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
3 Schedules
Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—Amendments
Offshore Petroleum and Greenhouse Gas Storage Act 2006
1 After subsection 136(22)
Insert:
Reporting
(23) A petroleum retention lease is subject to a condition that the lessee must give the Titles Administrator a taxation transparency report within:
(a) 30 days after the day on which the lease is granted; and
(b) in relation to each year of the term of the lease, 30 days after the day on which the year of the term ends.
(24) In this section taxation transparency report means a report that includes the following information:
(a) an estimate of the quantity of recoverable petroleum in all petroleum pools situated in the lease area;
(b) an estimate of the value of the recoverable petroleum mentioned in paragraph (a);
(c) the data upon which the estimates in paragraphs (a) and (b) are based; and
(d) all payments to the Commonwealth, a State or a Territory related to liabilities arising from the petroleum retention lease, including:
(i) relevant lease fees;
(ii) royalties; and
(iii) any tax (however described) payable under a law of the Commonwealth or of a State or Territory.
2 After subsection 162(21)
Insert:
Reporting
(22) A petroleum production licence is subject to a condition that the licence holder must give the Titles Administrator a taxation transparency report within:
(a) 30 days after the day on which the licence is granted; and
(b) in relation to each year of the term of the licence, 30 days after the day on which the year of the term ends.
(23) In this section taxation transparency report means a report that includes the following information:
(a) an estimate of the quantity of recoverable petroleum in all petroleum pools situated in the licence area;
(b) an estimate of the value of the recoverable petroleum mentioned in paragraph (a);
(c) the data upon which the estimates in paragraphs (a) and (b) are based; and
(d) all payments to the Commonwealth, a State or a Territory related to liabilities arising from the petroleum production licence, including:
(i) relevant licence fees;
(ii) royalties; and
(iii) any tax (however described) payable under a law of the Commonwealth or of a State or Territory.
3 Subsection 470(2) (after table item 2)
Insert:
| 2A | a petroleum retention lease or petroleum production licence | set out the information contained in the most recent taxation transparency report prepared in accordance with subsections 136(23) and (24) or subsections 162(22) and (23). |