Petroleum Revenue Act 1985

The Petroleum Revenue Act 1985 is an Act that defines key terms related to revenue from petroleum and sets out the terms of agreements between the Commonwealth and States. The Act outlines the payment of royalties to the State and the sharing of revenue between the Commonwealth and the State. It also provides for exemptions from Excise duty and repayment of amounts paid by way of duties of Excise. This Act includes a relevant resource rent royalty agreement between a State and a producer, which requires the payment of royalties, provisional royalty payments, and the provision of information and notices.

This summary is comprised of the following parts:

- Definitions and rules for determining "relevant revenue" subject to revenue-sharing agreements between the Commonwealth and States
- Calculation of the proportion of relevant revenue to be paid to the Commonwealth
- Notification and payment requirements for the Commonwealth and States
- The Commonwealth's responsibility for administrative expenses