Commonwealth Numbered Regulations - Explanatory Statements

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PETROLEUM (SUBMERGED LANDS) (REGISTRATION FEES) AMENDMENT REGULATIONS 2004 (NO. 1) 2004 NO. 328

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 Sections 78 and 81 of the Principal Act in relation to legal transactions submitted for approval and registration which affect ownership of titles. The fee can range from a minimum of $780 to an 'ad valorem' fee of 1.5% of the value of the consideration.

With the exception of the 1.5% ad valorem fee, the Regulations increase the level of prescribed fees by 3.5% which approximates inflation from the last time these fees were set in March 2003.

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 January 2005.

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 January 2005.

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 - 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 title transfer or dealing under the Petroleum (Submerged Lands) Act 1967. The prescribed minimum fee applies only if it is greater than the amount derived from 1.5% of the value of the consideration for the transfer or dealing, or the value of the title transferred, or of the interest. This item increased the prescribed minimum fee from $780 to $810. The 1.5% ad valorem fee is unchanged from the existing regulations.

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 increased the maximum prescribed fee from $780 to $810.

Subsections 4(4) and 4(6A) of the Registration Fees Act impose maximum fees respectively for registration of transfers and dealings where the parties are related corporations within the meaning of the Corporations Act 2001. This item increased the prescribed maximum fee from $3,900 to $4,040.