Commonwealth Numbered Regulations - Explanatory Statements

[Index] [Search] [Download] [Related Items] [Help]


PETROLEUM (SUBMERGED LANDS) (REGISTRATION FEES) AMENDMENT REGULATIONS 2003 (NO. 1) 2003 NO. 25

EXPLANATORY STATEMENT

Statutory Rules 2003 No. 25

Issued by the Authority of the Minister for Industry, Tourism and Resources

Petroleum (Submerged Lands) (Registration Fees) Act 1967

Petroleum (Submerged Lands) (Registration Fees) Amendment Regulations 2003 (No. 1)

Section 5 of the Petroleum (Submerged Lands) (Registration Fees) Act 1967 (the Registration Fees Act) empowers the Governor-General to make regulations for the purposes of section 4 of that Act.

The Petroleum (Submerged Lands) Act 1967 (the Principal Act) provides for the approval and registration of legal transactions that affect ownership of titles. These transactions have no force until they have been approved under the Principal Act. Sections 78 and 81 of the Principal Act outline registration procedures for transfers and dealings in order to maintain an accurate public register of ownership of titles. All of these transactions attract a registration fee.

Section 4 of the Registration Fees Act outlines the different types of registration fees payable under the Principal Act, which can range from a minimum of $600 to an 'ad valorem' fee of 1.5% of the value of the consideration. The Petroleum (Submerged Lands) (Registration Fees) Regulations 1990 specify the prescribed fees contained in the Registration Fees Act.

The Regulations increase the level of prescribed fees to account for rises in the costs of administering petroleum titles since the last fees increase in 1990. Since that time the consumer price index has increased by around 30 per cent.

In keeping with the Offshore Constitutional Settlement and section 129 of the Principal Act, the Commonwealth will continue to repay all fees (excluding the goods and services tax component) received for the day-to-day administration of the regime to State and Northern Territory Authorities to offset their costs.

Details of the Regulations are set out in the Attachment.

The Regulations commenced on 1 March 2003.

Authority: Section 5 of the Petroleum (Submerged Lands) (Registration Fees) Act 1967

ATTACHMENT

Regulation 1 - Name of Regulations

This Regulation provides the title of the Regulations.

Regulation 2 - Commencement

This Regulation provides for the commencement of the Regulations on 1 March 2003.

Regulation 3 - Amendment of Petroleum (Submerged Lands) (Registration Fees) Regulations

This Regulation provides that the amendments to the Petroleum (Submerged Lands) (Registration Fees) Regulations are as set out in Schedule 1.

SCHEDULE 1       AMENDMENTS

Item 1 - Regulation 1

This item brings the citation of the Regulations into line with current practice.

Item 2 - Regulation 3

This item renames the Schedule to the Regulations in line with current practice.

Item 3 - Schedule 1 - Prescribed Amounts (Regulation 3)

Subsections 4(2) and 4(6) of the Petroleum (Submerged Lands) (Registration Fees) Act 1967 (the Registration Fees Act) impose a minimum prescribed fee for the registration of a legal document under the Petroleum (Submerged Lands) Act 1967. Subsections 4(2) and 4(5) also impose a fee of 1.5% of the value of the consideration for a dealing or transfer, or of the value of the title transferred (whichever is greater), if this fee would be greater than the prescribed minimum fee. This item increases the prescribed minimum fee from $600 to $780.

Subsection 4(3) determines a maximum prescribed fee for registration of a transfer where a fee has previously been paid pursuant to subsection 4(5) of the Registration Fees Act for registration of a dealing which resulted in the transfer. This item increases the maximum prescribed fee from $600 to $780.

Subsections 4(4) and 4(6A) of the Registration Fees Act impose maximum fees for registration of transfers and dealings where the parties are related corporations within the meaning of the Corporations Act 2001. This item increases the prescribed maximum fee from $3,000 to $3,900.


[Index] [Related Items] [Search] [Download] [Help]