Australia is poised to imminently become the world’s largest liquefied natural gas (LNG) producer. The prices realised for Australia’s natural gas, whether for export LNG or domestic consumption, dictate the level of revenues and, ultimately, the profitability and returns, of the gas producers. A rational producer will seek to maximise the price or return for the gas it supplies. A portion of a producer’s remuneration for its gas is then shared with the community via taxes and royalties. In Australia, these imposts are triggered at different taxing points, hence necessitating a determination of what the gas is worth at each point. Typically, for royalties, it is the wellhead value; for the petroleum resource rent tax, it is either the value at the domestic gas processing plant outlet or the value of feed gas just before liquefaction; and, for income tax, it is the proceeds or consideration for the gas when sold or exported. Wherever related party transactions occur, the price must be set at arm’s length and reflect market realism. Where gas must be valued at a point devoid of an actual sale, finding a suitable comparable price can be challenging. In such circumstances, pricing options include the cost-plus, the netback and the profit-split methods. Each has its own merits and limitations, and incorporates elements that are susceptible to disputation. Gas producers should consider engaging proactively with the revenue authorities to agree a gas pricing model upfront to mitigate latent tax liabilities if the pricing approach adopted is subsequently challenged.